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After months of political drama, Japan’s Nippon Steel has finally closed its $14.9 billion acquisition of US Steel. The deal caps off one of the most contentious foreign takeovers in recent memory.
The deets: Nippon bought 100% of US Steel shares at $55 apiece.
But the real clincher was a national security agreement granting the US government a rare golden share, a veto over big decisions like job cuts, plant shutdowns, or relocating HQ from Pittsburgh.
Background: both Biden and Trump had earlier opposed the Nippon-US Steel deal, largely due to political pressure in battleground state Pennsylvania.
Biden blocked it on national security grounds, prompting Nippon to sue. Then came Trump who had hinted of support during a May rally, he officially approved the deal days later through an executive order.
The approval not only spares Nippon a hefty $565 million breakup fee but also clears the path for $11 billion in planned US investments, firmly securing the Japanese giant’s role in America's steel future.
