US EditionUS Government to Have Control in Nippon Steel-US Steel Deal, Trump and Sen. McCormick Say
UNITED STATES, MAY 28 – The U.S. government will hold veto power via a golden share to protect national security and preserve 10,000 jobs amid Nippon Steel's $14 billion investment in U.S. Steel, officials said.
- President Donald Trump and Senator David McCormick announced on Friday a planned partnership where Japan-based Nippon Steel will invest $14 billion in U.S. Steel, based in Pittsburgh.
- This transaction comes after Nippon Steel proposed to purchase U.S. Steel for close to $15 billion in December 2023, a move that was subsequently halted due to national security concerns raised by then-President Joe Biden in January.
- The arrangement ensures U.S. control by requiring an American CEO, a majority American board, a golden share for government approval, and a national security agreement involving investments in steel facilities.
- Trump emphasized that the deal would remain under U.S. control, stating he would not proceed otherwise, while McCormick commented that the parties involved understand the commitment they are making.
- The partnership is expected to create at least 70,000 jobs, modernize U.S. Steel’s facilities with $2.4 billion in local investments, and make the combined company the world’s third-largest steel producer.
68 Articles
68 Articles
Biden’s power grab hands Trump a steel company
In December 2023, U.S. Steel, the storied industrial giant, announced it would be acquired by Japanese conglomerate Nippon Steel. The announcement drew swift, bipartisan condemnation. Presidents Donald Trump and Joe Biden criticized the proposed sale, warning that it would harm U.S. workers. Yet, less than five months into his presidency, Trump approved the merger. The deal Trump negotiated included a remarkable concession: The U.S. government w…
FOCUS: Nippon Steel buyout spat hints at business fragility in U.S.
U.S. President Donald Trump's bid to attract investment threatens to undermine the appetite for corporate spending in an ironic twist, with the 18-month saga over Nippon Steel Corp.'s buyout of United States Steel Corp. showing the growing vulnerability of businesses in the U.S. market, according to analysts. The U.S. administration's earlier blocking of the $14.1 billion takeover deal was clearly driven by political motives and corporate execut…
[Yomiuri Shimbun] On the 30th, it was learned that the Trump administration is in the final stages of approving Nippon Steel's plan to acquire 100% of the shares of US Steel, a major American steel company, making it a wholly owned subsidiary. This will allow the US government to have a certain degree of influence over the management of US Steel.
Fox echoes Trump's flip-flop on sale of US Steel
From President Donald Trump’s initial opposition to the sale of Pittsburgh-based U.S. Steel to Tokyo-based Nippon Steel during the 2024 presidential campaign through his approval of the sale this month with conditions for some sort of nationalization, several Fox News hosts were following his lead every step of the way — with some Fox personalities even crediting Trump for then-President Joe Biden’s decision to block the sale. Fox host Laura Ing…
McCormick says U.S. Steel would stay under domestic control in Nippon merger • Pennsylvania Capital-Star
U.S. Steel's Clairton Coke Works (Photo via Pittsburgh City Paper).Pennsylvania U.S. Sen. Dave McCormick said Wednesday a pending merger between U.S. Steel and Japan’s Nippon Steel would preserve America’s control of the company and bring billions of dollars to Allegheny County’s Monongahela River Valley. In an interview on CNBC, McCormick said the company’s control structure would be subject to a national security agreement with the federal gov…
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