Nippon Steel–US Steel deal approved: Trump signs executive order; contingent on compliance with security agreement
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US President
Donald Trump
has signed an executive order enabling Japanese firm Nippon Steel's investment in US Steel, contingent upon compliance with a government-mandated "national security agreement".
The joint statement from both companies confirms $11 billion in new investments by 2028 and the provision of a "golden share" to the US government, ensuring protection of national security interests regarding steel production. They expressed gratitude to Trump's administration, highlighting the partnership's significance for American manufacturing.
Following completion of regulatory approvals and Department of Justice review, the partnership awaits prompt finalisation.
US Steel shares increased by $2.66 to $54.85 in Friday's afterhours trading, compared to Nippon Steel's initial bid of $55 per share in late 2023.
The acquisition concludes the long-time uncertainty regarding international control of a crucial state resource that started when US Steel and Nippon Steel disclosed their intentions for a $14.9 billion merger in December 2023.
Details regarding the golden share mechanism, national security agreement provisions and investment allocation remain limited.
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White House spokesman Kush Desai emphasised the order's role in maintaining US Steel's presence in Pennsylvania. Legal expert James Brower noted that such agreements typically remain confidential, particularly from the government's perspective.
The transaction, originally valued at nearly $15 billion, faced delays due to national security concerns during Biden's presidency. American officials now value it at $28 billion, including the purchase bid and plans for a new electric arc furnace post-2028, reported AP.
Nippon Steel committed to maintaining Pittsburgh headquarters, establishing an American-majority board, protecting plant operations and trade interests, while avoiding steel slab imports that would compete with US blast furnaces.
Trump, initially opposing the purchase, later showed willingness to negotiate. He claimed "total control" through the golden share, though Nippon Steel maintains its intention for full ownership.
The order acknowledges potential national security risks but suggests adequate mitigation through the security agreement. The Treasury Department and CFIUS agencies must approve the agreement's execution by the transaction's closing date, with Trump retaining authority for further actions.
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