{"id":31225,"date":"2025-06-18T15:05:27","date_gmt":"2025-06-18T15:05:27","guid":{"rendered":"https:\/\/financialrush.com\/?p=31225"},"modified":"2025-06-18T15:05:27","modified_gmt":"2025-06-18T15:05:27","slug":"japans-nippon-steel-closes-its-takeover-of-rival-us-steel","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=31225","title":{"rendered":"Japan\u2019s Nippon Steel closes its takeover of rival US Steel"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\">Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=8e418327-4ba2-4afb-afec-b6a075921639&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Japan\u2019s Nippon Steel has closed its nearly $15bn purchase of its American rival US Steel, ending more than a year of political wrangling that threatened to scuttle the agreement on multiple occasions.<\/p>\n<p>US President <a href=\"https:\/\/www.ft.com\/donald-trump\" data-trackable=\"link\">Donald Trump<\/a> approved the tie-up last week, months after his predecessor Joe Biden moved to block the deal. Nippon Steel clinched Trump\u2019s approval after pledging to invest $11bn in the Pennsylvania-based company by 2028, billions of dollars more than it had initially promised. It also handed the government a golden share in <a href=\"https:\/\/www.ft.com\/stream\/4ba573d2-88d7-44ca-b7a0-38b5b8adb96e\" data-trackable=\"link\">US Steel<\/a>, which will allow the White House to veto key corporate decisions.<\/p>\n<p>\u201cI am very pleased that the partnership between Nippon Steel and US Steel has been realised thanks to President Trump\u2019s historic and visionary decision,\u201d Eiji Hashimoto, Nippon Steel\u2019s chair and chief executive, said in a statement.\u00a0<\/p>\n<p>US Steel\u2019s base in the electoral swing state of Pennsylvania, and its historic role in American industry, caused the deal to become the subject of intense debate during the US presidential election last year. Biden, former vice-president Kamala Harris and Trump all opposed the deal while on the campaign trail, concerned that it would threaten thousands of union jobs.\u00a0<\/p>\n<p>As a result, Nippon Steel launched a grassroots political campaign to bring workers and local elected officials on side. The effort helped persuade Trump who reversed his decision, hosting a rally last month to celebrate the \u201cblockbuster agreement\u201d at US Steel\u2019s Pittsburgh headquarters.\u00a0<\/p>\n<p>The Japanese steelmaker has committed to keeping US Steel\u2019s headquarters in the industrial city. Nippon Steel also said that a majority of US Steel\u2019s board of directors will be US citizens, and so will top executives like its chief executive.\u00a0<\/p>\n<p>\u201cWe share President Trump\u2019s commitment to protect the future of the American steel industry, American workers and American national security, and we look forward to building a stronger and brighter future for US Steel,\u201d said Nippon Steel\u2019s vice chair Takahiro Mori.\u00a0<\/p>\n<p>In the final days before the transaction contractually needed to close, Nippon Steel agreed to a so-called \u201cgolden share\u201d for the US government, handing the White House veto power over key business decisions in an unprecedented move. It does not give the government an economic interest in the group. <\/p>\n<p>As part of the golden share, the government will have final say on a host of future business decisions for US Steel, including moving jobs outside of the US and closing plants.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/8e418327-4ba2-4afb-afec-b6a075921639\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington,&hellip;\n","protected":false},"author":5,"featured_media":31226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-31225","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31225"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/31226"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}