The deal between U.S. Steel and Nippon Steel is now official.
The two companies announced the $14.9 billion sale earlier this morning.
The Japanese steelmaker reached a preliminary agreement in 2023 to buy U.S. Steel, but the sale became subject to political pushback. President Donald Trump initially opposed the deal, but expressed his support for it earlier this year.
Nippon will invest $11 billion over the next three years into U.S. Steel’s facilities per the agreement. The company will also keep their headquarters in Pittsburgh, and maintain a majority of U.S. citizens on their board and as CEO.
Cleveland Cliffs expressed significant interest in acquiring U.S. Steel, but ultimately could not come to terms.
