The deal also allows US President Donald Trump to appoint a board member.
Nippon Steel’s $14.9bn acquisition of US Steel has conferred an unusual degree of power for United States President Donald Trump after the Japanese company’s 18-month struggle to close the purchase.
The deal closed on Wednesday, the companies said.
Under the deal terms, Nippon bought 100 percent of US Steel shares at $55 per share which was first used in December 2023. A news release on the filing also discloses details of a national security agreement inked with the Trump administration, which gives Trump the authority to name a board member, as well as a non-economic golden share.
Eiji Hashimoto, Nippon Steel’s chairman and CEO, thanked the president for his role. He said that Nippon Steel agreed to represent an unusual level of control conceded by the companies to the government to save the deal, after a rocky path to approval spurred by high-level political opposition.
