Nippon Steel has successfully completed the acquisition of U.S. Steel for US$14.9 billion, marking an unprecedented level of authority for the Trump administration. This acquisition follows an 18-month struggle by the Japanese company to finalize the purchase.

As part of the agreement, Nippon acquired 100% of U.S. Steel shares at US$55 per share, in line with its initial offer made in December 2023. Additionally, a national security agreement was signed with the Trump administration, granting U.S. President Donald Trump the ability to appoint a board member and hold a non-economic golden share.

Eiji Hashimoto, Chairman and CEO of Nippon Steel, expressed gratitude to Trump for his involvement in the deal, stating that the company is looking forward to a new era in U.S. Steel's history.

The golden share provides the U.S. government with veto power over various corporate decisions, including plant closures, production cuts, and offshoring jobs. This level of control, offered to the government to secure the deal, showcases the challenges faced by the companies in obtaining approval amidst political opposition.

Nippon Steel anticipates its annual crude steel production capacity to reach 86 million tons, aligning with the company's strategic goal of achieving 100 million tons globally. However, the inclusion of the golden share to satisfy the Committee on Foreign Investment in the U.S. may deter foreign investors from U.S. companies, according to national security lawyers.

Following opposition from the United Steelworkers union and political figures like Joe Biden and Donald Trump, the deal faced setbacks, with Biden blocking it on national security grounds before leaving office. This led to legal battles as the companies argued against biased national security reviews. The Trump administration later initiated a new 45-day national security review in April, providing a fresh opportunity for the steel companies.