Nippon Steel Corp. and its U.S. subsidiary Nippon Steel North America and United States Steel Corp. finalized its almost $15 billion partnership.
The announcement comes five days after President Donald Trump formally approved the deal.
“I am very pleased that the partnership between Nippon Steel and U. S. Steel has been realized thanks to President Trump’s historic and visionary decision,” said Eiji Hashimoto, Nippon Steel’s representative director, chairman and CEO, in a press release.
U.S. Steel will keep its name and headquarters will stay in Pittsburgh, Pennsylvania.
“Nippon Steel is excited about opening a new chapter of U. S. Steel’s storied history,” Hashimoto said. “Building on our investment, the transfer of our advanced technologies, and the unwavering efforts of management and the employees of both companies, Nippon Steel is committed, together with U.S. Steel, to solidifying its position as the world’s leading steelmaker.”
The transaction was completed after the companies agreed to a National Security Agreement with the U.S. government, including a golden share.
“Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States,” said U.S. Steel’s CEO Dave Burritt.
Nippon Steel has promised to make $11 billion in investments in U.S. Steel by 2028, including $300 million in Gary Works upgrades.
Mayor Eddie Melton said throughout the process he worked with company and federal officials and worker representatives in support of the partnership.
“This development brings hope to steelmaking communities around the country,” Melton said in a June 13 statement. “As the child of a steelworker, I understand firsthand what this means for families who depend on good-paying union jobs.”
A study by Parker Strategy Group, commissioned by U. S. Steel, reported that the deal will “protect and create more than 100,000 jobs.”
President Joe Biden had previously blocked Nippon’s deal to buy U.S. Steel in early January.
