US Steel-Nippon deal moves ahead with national security agreement and golden share

The long-debated partnership between US Steel and Japan’s Nippon Steel has officially advanced, following a major national security agreement and the inclusion of a powerful "golden share" provision that ensures U.S. government oversight.

On Friday evening, President Donald Trump signed an executive order approving the $14.9 billion partnership, ending months of uncertainty around foreign control of a key American industry. The deal, first announced in December 2023, had been blocked by then-President Joe Biden in his final weeks in office over national security concerns.

Although Trump initially opposed the acquisition, insisting that US Steel remain domestically owned, he later endorsed the partnership in May—framing it as a strategic move to safeguard American jobs and manufacturing.

"US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh," Trump posted on Truth Social following the announcement.

In a joint statement, US Steel and Nippon Steel confirmed the partnership's approval, highlighting a commitment to inject roughly $11 billion in new investments into U.S. steelmaking by 2028. The companies said the partnership would protect or create over 100,000 jobs across the country.

Central to the agreement is a National Security Agreement (NSA) signed with the U.S. government, details of which remain undisclosed. Trump’s executive order also leaves the door open for additional directives to protect national interests.

Commerce Secretary Howard Lutnick emphasized the importance of the newly established “perpetual golden share,” which grants the U.S. government permanent veto power over key corporate decisions. This includes authority over headquarters location, job shifts outside the U.S., rebranding efforts, or any attempt to relocate the company abroad.

While the financial specifics of the golden share were not disclosed, Lutnick said its terms are designed to "directly benefit and protect America, Pennsylvania, the great steelworkers of US Steel, and U.S. manufacturers."

The approval follows a comprehensive national security review by the Committee on Foreign Investment in the United States (CFIUS), the federal body responsible for evaluating foreign investments in critical American sectors.

With the executive order now in place, the US Steel–Nippon Steel partnership is set to begin a new chapter under close federal oversight—signaling a shift in how foreign investment in strategic U.S. industries may be structured moving forward.