Done deal: The sale of U.S. Steel to Nippon Steel is complete

[FakeNoose]

Source: Pittsburgh Post-Gazette

The deal is sealed. Japanese steelmaker Nippon Steel Corp. is the proud new owner of a 125-year Pittsburgh institution, U.S. Steel Corp.

The two companies on Wednesday morning announced that the $14.9 billion sale, first inked in December 2023 and put through a bruising political wringer, has closed and Nippon has assumed control. The deal delivers $55 per share to current U.S. Steel shareholders. The company’s stock stopped trading on Wednesday and is being delisted from the New York Stock Exchange.

The deal hinged on the companies signing a national security agreement with the U.S. government which includes conditions that, until now, have only been hinted at by President Donald Trump and other politicians over the past few weeks.

They include: Investing $11 billion over the next three years into U.S. Steel’s existing facilities and staring construction on a new mini mill that would be completed after 2028 with an additional $3 billion; keeping the company incorporated in the U.S. and headquartered in Pittsburgh; having U.S. citizens comprise the majority of board of directors, and having a CEO, CFO, general counsel, and a senior VP with responsibility for production, manufacturing, and raw materials supply be U.S. citizens; and “U.S. Steel will maintain capacity to produce and supply steel from its U.S. production locations to meet market demand in the U.S.... and Nippon Steel will not prevent, prohibit, or otherwise interfere with U.S. Steel’s ability to pursue trade action under U.S. law.”

Read more: https://www.post-gazette.com/business/powersource/2025/06/18/us-steel-nippon-trump-golden-share/stories/202506180031

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I'm sure Chump is scrambling to find a way to take all the credit for this deal that's been 2 years in the making.

[AZJonnie]

1. I'd bet the opposite: he's going to bash Biden for "selling United States Steel to the Japanese"

If he comments at all.

[FakeNoose]

7. He already tried that but it backfired

Then he he stepped in and tried to take over the negotiations... It all happened in spite of Chump, not because of him.
As a "dealmaker" Chump is completely worthless.

[mdbl]

2. So much for buying American.

One of our industries critical to national security now owned by foreigners.

[Deminpenn]

3. The reality is US Steel wasn't going to

invest in the Mom Valley plants and eventually they were going to close it and move steel making elsewhere.

This deal won't just save jobs, but entire towns and the schools and businesses in them.

[FakeNoose]

8. Exactly so ... and the main reason why the steelworkers union favored the deal

Many jobs are saved with this deal that went down today.

[Deminpenn]

9. Yes, this deal honestly is beyond politics

I hate that this happened under Trump, but it was the right thing to do.

[mathematic]

4. This deal was only 2 years in the making because Biden wouldn't approve it.

A bunch of people from not-here decided they liked the myth of United States Steel and True-blooded American Labor more than they liked actual people working in the steel industry and companies that can actually make steel profitably in America.

The Biden administration bent of over backwards to accommodate the national USW who was at odds with the locals and very plainly colluding with Cleveland Cliffs to kill this deal. Nobody in the political class got the memo or even cared that they were only supposed to play hardball to get a better deal and that, in fact, US Steel was very happy to shut down all their steelmaking in PA and move their headquarters down south where they located their new, modern steel mill. And so we ended up here. Trump gets the win that Biden should have had.

Meanwhile the flames of thinly-veiled racism gets fanned in Democratic spaces because everybody needs to be polarized to whatever "their side" says and we end up with people somehow making the case that Japan, a country we have had a military defense treaty with for 65 years, is a security threat. A Japanese firm says they want to spend tens of billions of dollars to make steel in America and seemingly everybody, regardless of how much they say they want manufacturing in America, and regardless how much they say they support workers in America trip over themselves coming up with reasons why the ownership of that manufacturing must also be American. There is no charitable explanation.

As for the deal itself? All the investment and jobs commitments are more or less the same as the last deal offered during the Biden administration. All the "control" and "citizenship" provisions beyond the previously offered concessions are meaningless. US Steel will be a wholly owned subsidiary of Nippon Steel's already existing American subsidiary. And good. They certainly won't do a worse job running it than the previous management team.

[BidenRocks]

5. Blame Biden

I am so tired of that crap!

[Mysterian]

6. Trump lost US Steel

Trump sold US Steel to Japan!