Nippon Steel, which is the largest in Japan and the fourth largest steel manufacturer in the world, he committed, among other things, that By 2028, he will invest around $ 11 billion in an American company struggling with difficulties. The US Steel is to keep its headquarters in Pittsburgh, and the majority of the board is to be US citizens who are also to hold key managerial positions, including the general director.
Nippon Steel is also to maintain employment at the US Steel plants, and the US government will have a so -called golden action that gives veto right when making key decisions, including on the closure of existing production plants in the United States.
“Nippon Steel and US Steel will be a leading steel manufacturer in the world, with the best technologies and production capabilities in their class” – they wrote both companies in a joint announcement.
The transaction could have happened after US President Donald Trump withdrew his objection in this matter, which he raised both during the presidential campaign in 2024 and after taking office. On Friday, the American leader withdrew the decision of his predecessor Joe Biden to block the sales of US Steel to Nippon Steel. The White House decided that the Japanese entity met the conditions of the US authorities, which is to secure American national interests.
Vice President of Nippon Steel Takahiro Mori, who will also act as chairman of the US Steel, said that he shares the care of the American leader regarding “the protection of the future of the American steel industry, American employees and American national security.”
Read also: Biden blocks the takeover of a large company by the Japanese. “I support our metallurgists”
The US Steel existing since 1901 is another entity taken over by Nippon Steel. Earlier, the Japanese tycoon acquired majority shares in two companies from this industry from Thailand.
Nippon Steel wants to increase the annual steel production to 100 million tons. China (in 2024 1005.1 million tons) before India (149.4 million tons) and Japan (84 million tons) are the world's largest producer of Steel.
