Policy · Steel
Trump clears Nippon Steel's U.S. Steel takeover on condition of a national security agreement
- From
- Nippon Steel (Tokyo)
- Covers
- U.S. Steel / U.S. government, Pittsburgh, Pennsylvania
- Value
- Status
- Completed. The deal closed on June 18, 2025, under the national security agreement.
- Date
- 2025-06-13
President Trump signed an order allowing Nippon Steel to acquire U.S. Steel, provided the parties sign a national security agreement with the Treasury and other CFIUS agencies and keep to it. The order removed the key parts of Biden's January 2025 prohibition. It followed CFIUS's May 21 recommendation and Trump's May 23 public backing of a 'planned partnership.'
Why it matters
The order ended an 18-month political fight and set a model for approving big Japanese investments with conditions, including a U.S. government 'golden share.' It removed the main obstacle to the largest Japanese acquisition in the U.S. in years.
What the order says
Trump signed the order on the evening of Friday, June 13, 2025. It did not spell out the terms of the national security agreement, and it reserved the president's power to issue further orders he judges necessary to protect national security. The companies said they had also completed a Justice Department review and held all required regulatory approvals.
How it got here
After Biden's January block, CFIUS extended to June 18, 2025, the deadline for the parties to abandon the deal, which kept it alive into the new administration. In April Trump ordered CFIUS to review the deal again. While talks went on, the government sought more time in the companies' lawsuit in the D.C. Circuit in March.
Terms and disputes
According to the companies, the agreement requires about $11 billion of new investment by 2028 and a golden share issued to the U.S. government. Commerce Secretary Howard Lutnick said the terms keep U.S. Steel's headquarters in Pittsburgh and its name, and bar moving jobs abroad or cutting planned investment without presidential consent.
The parties described the golden share differently. Trump said it gave the U.S. 51% ownership and total control, while a Nippon Steel executive stressed the company's management freedom. The United Steelworkers union criticized the approval.
Sources
Kakehashi M&A News home
