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4w ago

U.S. Government to Hold Golden Share in Nippon Steel’s $14.9 B U.S. Steel Acquisition

A golden share guarantees Washington veto power, locking in Nippon’s $14 billion investment in U.S. Steel facilities.

The logo of Nippon Steel Corporation is displayed at the company headquarters in Tokyo, Japan in this photo taken by Kyodo May 1, 2019. Mandatory credit Kyodo/via REUTERS/File Photo
FILE - A person walks past a Nippon Steel Corporation sign at the company headquarters on Jan. 7, 2025, in Tokyo. (AP Photo/Eugene Hoshiko, File)

Overview

  • President Trump revived the $14.9 billion deal in late May by overturning a Biden-era block and securing a fresh CFIUS review
  • The agreement grants the U.S. government a golden share with veto rights over board appointments and production changes
  • Nippon Steel has committed $14 billion to U.S. Steel operations, including $2.4 billion for Pittsburgh-area upgrades and a new electric arc furnace
  • Terms ensure U.S. Steel keeps its Pittsburgh headquarters, an American CEO and a majority U.S. board
  • The United Steelworkers union continues to oppose the transaction over concerns about foreign ownership and potential job losses