Nippon Steel Completes 2-T.-Yen Acquisition of U.S. Steel
Tokyo, June 18 (Jiji Press)--Nippon Steel Corp. said Wednesday that it has formally completed the acquisition of United States Steel Corp. and made U.S. Steel a wholly owned subsidiary, adding that the U.S. company will issue a "golden share" to the U.S. government.
The Japanese company bought U.S. Steel shares at 55 dollars apiece, bringing the total value of the deal to around 2 trillion yen.
The golden share will carry no voting rights, but will give the U.S. government the right to appoint one independent director and require the U.S. president's consent for transferring U.S. Steel's headquarters, production or jobs out of the country, according to Nippon Steel's press release.
"I am very pleased that the partnership between Nippon Steel and U.S. Steel has been realized thanks to President (Donald) Trump's historic and visionary decision," Nippon Steel Chairman and CEO Eiji Hashimoto said in the release.
"Nippon Steel is committed, together with U.S. Steel, to solidifying its position as the world's leading steelmaker," Hashimoto noted.
(2025/06/19-00:15)
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