Nippon Steel completes US Steel acquisition
Japan's Nippon Steel says it has completed the necessary procedures to buy US Steel, turning it into a wholly owned subsidiary.
Nippon Steel announced the completion of the deal on Wednesday night, Japan time.
The acquisition valued at around 2 trillion yen, or nearly 14 billion dollars, follows negotiations with US President Donald Trump's administration.
Last week, the two companies announced that Trump had approved their partnership.
Their statement said they had entered into a National Security Agreement with the US government.
The NSA includes commitments related to domestic production, trade matters and governance, including a "golden share" to be issued to the US government.
The "golden share" allows the US to veto important decisions related to the management of US Steel.
The statement also said the NSA "provides that approximately 11 billion dollars in new investments will be made by 2028."
Nippon Steel announced a plan to buy out US Steel about 18 months ago. But then-President Joe Biden issued an order blocking the purchase on national security grounds.
Nippon Steel aims to expand operations in the US where it sees potential for growth and expects strong demand for high-grade products.
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