Nippon-US Steel deal gets Trump's nod: HQ to remain in Pittsburgh; 'golden share' gives US final say on key decisions
Trump gives nod to US Steel-Nippon Steel deal
The collaboration between US Steel and Nippon Steel has evolved, following the confirmation of US national security assurances and retaining the "golden share" benefit secured under President
Donald Trump
's leadership.
Trump endorsed the collaboration through an executive order on Friday evening, concluding the discussions regarding foreign control of a crucial national resource, which initiated in December 2023 with the announcement of a $14.9 billion merger between US Steel and Nippon Steel.
The former president
Joe Biden
had previously halted Nippon's purchase of US Steel during his final period in office, citing national security considerations.
Despite initial resistance to Nippon Steel's acquisition proposal and advocating for domestic ownership of US Steel, Trump later endorsed a "partnership" arrangement in May. "US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," said the US president via Truth Social.
US Steel and Nippon Steel released a combined statement noting that 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."
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The firms added, "In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement (NSA) with the US Government," outlining plans for new investments of approximately $11 billion by 2028.
The executive order from Trump did not specify NSA details but maintained his authority to issue additional directives "as shall in my judgment be necessary to protect the national security of the United States."
The Friday declaration followed an assessment by the Committee on Foreign Investment in the United States (CFIUS), responsible for evaluating national security implications of foreign acquisitions of US firms.
Read more:
Nippon Steel–US Steel deal approved, Trump signs executive order
C
ommerce Secretary Howard Lutnick emphasised on Saturday the importance of the "perpetual Golden Share," granting the US government authority to prevent any actions it deems necessary.
Without specifying the share's exact worth, Lutnick indicated it contained "powerful terms that directly benefit and protect America, Pennsylvania, the great steelworkers of US Steel, and US manufacturers." He outlined various activities requiring US government approval, including relocating US Steel headquarters, moving operations abroad, altering the company name or transferring jobs overseas.
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