Under deal, Nippon Steel pledges to invest $11 billion in US by 2028
US President Donald Trump has approved a deal for Japanese company Nippon Steel Corp. to acquire US Steel Corp., the companies said in a statement on Saturday.
The decision came despite Trump's earlier staunch opposition to the sale of US Steel to a Japanese company.
“President Trump has approved the companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs,” they said in a joint statement.
The companies thanked Trump for his “bold leadership and strong support” and said they reached a national security agreement with the US government.
In an executive order signed Friday, Trump said national security concerns surrounding Nippon Steel's acquisition of US Steel could be mitigated if the conditions set by the US government are met.
As part of the agreement, Nippon Steel has pledged to invest $11 billion in the US by 2028, including an initial investment in a greenfield project to be completed after 2028.
The companies also said a “golden share” will be issued to the US government, granting it veto authority over key decisions such as board appointments and major changes to production capacity.
Trump's approval marks a significant milestone in the $14.1 billion deal first announced in December 2023, bringing months of scrutiny and negotiations to a close.
Former US President Joe Biden blocked the deal between the two companies in January, citing national security concerns.
Nippon Steel and US Steel later filed a lawsuit challenging Biden's decision.
