Japan’s Nippon Steel has completed its $14.1 billion acquisition of United States Steel Corporation (NYSE:X), creating one of the world’s largest steel producers with an annual capacity of 86 million tons, the companies said on Wednesday.
The combined entity will maintain US Steel’s name, Pittsburgh headquarters, and commitment to producing steel that is “Mined, Melted, and Made in America.”
Nippon Steel has committed to invest approximately $11 billion across US Steel’s operations by 2028, with plans to protect and create over 100,000 American jobs.
The transaction includes a National Security Agreement (NSA) with the US government, under which the US will receive a so-called "Golden Share" granting oversight on strategic decisions.
The deal preserves key operational elements: a majority-US board, US citizen CEO and executives, and domestic production capacity. It also allows US Steel to pursue trade action independently.
“The partnership between Nippon Steel and US Steel has been realized thanks to President Trump’s historic and visionary decision,” said Eiji Hashimoto, CEO of Nippon Steel.
US Steel CEO Dave Burritt hailed the deal as “a momentous day” for American steelworkers, crediting “President Trump’s bold leadership” for securing what he called the best possible outcome for the industry.
The NSA gives the US president, or a designee, consent rights over decisions including changes to US Steel’s name or headquarters, major foreign acquisitions, and offshoring of production or jobs.
Nippon Steel said the acquisition moves it significantly closer to its goal of reaching 100 million tons in global steelmaking capacity.