Nippon Steel Corporation, along with its subsidiary Nippon Steel North America, has finalized its historic acquisition of United States Steel Corporation (U.S. Steel), forming a world-leading steelmaker with cutting-edge technologies and global manufacturing capabilities.
The deal, which protects and creates over 100,000 jobs, will unleash significant investments across U.S. Steel’s operations in Pennsylvania, Indiana, Arkansas, Minnesota, and Alabama. U.S. Steel will retain its iconic name, remain headquartered in Pittsburgh, and continue to operate as a U.S.-incorporated entity with steel “Mined, Melted, and Made in America”.
As part of the agreement, the companies have entered into a National Security Agreement (NSA) with the U.S. government. This includes the issuance of a “Golden Share” to the U.S. government, granting it key oversight rights. The NSA ensures U.S. Steel will remain under American control, with a majority-U.S. board and executive team, and retain domestic production capacity to meet national demand.
Nippon Steel has committed to investing approximately USD 11 bln in U.S. Steel by 2028, including a greenfield project to be completed post-2028. The agreement also ensures that Nippon Steel will not interfere with U.S. Steel’s ability to pursue trade actions under U.S. law.
The Golden Share gives the U.S. President or designee the right to approve key decisions, such as reducing committed investments, relocating headquarters, transferring jobs or production overseas, or closing major U.S. facilities.
This framework aims to balance Nippon Steel’s strategic growth and operational flexibility with protections for U.S. national security.
Following the deal, the Nippon Steel Group’s annual crude steel capacity will reach approximately 86 mln tons, advancing its target of 100 mln tons globally. Founded in 1901, U.S. Steel is a key American producer with 22.4 mln tons of annual capacity and operations across the U.S. and Central Europe.