Nippon Steel Corporation announced on the 18th that it has completed the acquisition of United States Steel Corporation, making it a wholly-owned subsidiary.
Nippon Steel completed the acquisition of all shares of US Steel on the same day, paying approximately $14.1 billion (about 600.60 billion Malaysian Ringgit) as the acquisition cost, and has completed all necessary procedures for the acquisition.
Nippon Steel committed not to change US Steel’s company name; not to relocate US Steel's headquarters from Pittsburgh; not to breach, downsize, or delay investments in US Steel; not to shut down or suspend factories; and that the US government, through its “golden share,” can exercise veto power in the event of a breach of these commitments.
To complete the acquisition, Nippon Steel and US Steel had previously signed a national security agreement with the US government, committing to invest approximately $11 billion in US Steel by 2028 and granting the US government a “golden share” enabling veto rights over significant corporate matters.
In December 2023, Nippon Steel announced a plan to acquire US Steel for $14.9 billion. On January 3 this year, then-US President Biden signed an executive order formally blocking Nippon Steel's acquisition of US Steel on the grounds of national security. On January 6, the two companies filed a lawsuit against Biden and the Committee on Foreign Investment in the United States (CFIUS), requesting the court to overturn Biden’s order blocking the acquisition and re-examine the case. On the 14th of this month, US President Trump signed an executive order conditionally “approving” Nippon Steel's plan to acquire US Steel.