💰 BREAKING: U.S. Steel sale finalized

Japan-based Nippon Steel has acquired U.S. Steel for $14.9 billion, the companies announced today. President Donald Trump approved the agreement on Friday.

Under the deal, Nippon bought 100% of U.S. Steel shares, but the U.S. government gained unusual control over the company through a “golden share.”

President Donald Trump will have final say over changing U.S. Steel's name, relocating its headquarters from Pittsburgh, closing factories, transferring jobs overseas, or acquiring rivals. A majority of the company's board members will be U.S. citizens, and Trump will have the power to appoint one independent director.

The United Steelworkers union, which opposed the deal, says the golden share gives Trump a "startling degree of personal power over a corporation,” Reuters reports.

U.S. Steel will receive an $11 billion investment from Nippon through 2028, including funding for a new mill.

Nippon Steel first announced its plans to acquire U.S. Steel in 2023, but the sale became a heated political issue. Trump initially opposed the deal, and former President Joe Biden blocked the sale before the leaving office.