U.S. Steel Delists as Nippon Steel Completes $14.9 Billion Takeover
United States Steel (X, Financials) ceased trading on the New York Stock Exchange at 8:30 a.m. ET Wednesday after Japan's Nippon Steel completed its takeover, the NYSE said. The delisting will be finalized June 30.
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President Donald Trump had publicly insisted the transaction would result in a partnership preserving American ownership, but filings confirmed U.S. Steel now operates as a Nippon Steel North America subsidiary. Former President Joe Biden blocked the deal in January on national security grounds; Trump later ordered a fresh review and ultimately cleared the merger under conditions.
Under the national security agreement, the U.S. government holds a golden share that allows veto authority over headquarters relocations, plant closures, and certain foreign transactions. Nippon Steel also agreed to keep U.S. Steel's headquarters in Pittsburgh, maintain a U.S.-majority board, and invest $11 billion by 2028including $1 billion in a new greenfield project post-2028.
Nippon Steel CEO Eiji Hashimoto said the golden share will not impede management decisions, and emphasized the investment will modernize U.S. Steel's aging facilities. The acquisition positions Nippon Steel to boost annual U.S. crude steel output toward its 100 million-ton goal, leveraging strong domestic infrastructure demand without tariff barriers.
U.S. Steel will continue to operate under its historic name, with a U.S. citizen majority on its board and American leadership at the CEO level, as stipulated by the takeover agreement.
This article first appeared on GuruFocus.
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