Nippon Steel Corporation and United States Steel Corporation announced on June 18, 2025, the completion of their historic partnership, marking the close of an 18-month journey that reshapes the global steel industry and secures a future for American steelmaking.
The deal, valued at nearly US$15 billion, will see U.S. Steel retain its iconic name and Pittsburgh headquarters, while remaining “mined, melted, and made in America” for generations to come.
The partnership, finalised after a rigorous review process shaped by national security concerns and political debate, is expected to protect and create more than 100,000 jobs across U.S. Steel’s operations in Pennsylvania, Indiana, Arkansas, Minnesota, and Alabama.
Both companies noted the transformative scale of the investment and the commitment to American workers.
“Together, Nippon Steel and U. S. Steel will be a world-leading steelmaker, with best-in-class technologies and manufacturing capabilities,” the companies said.
Eiji Hashimoto, Nippon Steel’s Representative Director, Chairman and CEO, credited the deal’s realisation to the Trump administration, stating: “I am very pleased that the partnership between Nippon Steel and U. S. Steel has been realised thanks to President Trump’s historic and visionary decision.
Hashimoto expressed his gratitude to the many stakeholders in both the United States and Japan — including U.S. Steel employees, local communities, government officials, and business leaders — for their support of the partnership.
He highlighted Nippon Steel’s enthusiasm for beginning a new era in U.S. Steel’s distinguished history and affirmed that, by leveraging their investment, advanced technologies, and the dedication of both companies’ teams, Nippon Steel and U.S. Steel are committed to strengthening their position as the world’s leading steelmaker.
Takahiro Mori, Nippon Steel’s Representative Director and Vice Chairman, who will serve as Chairman of the Board of U. S. Steel, added: “Since announcing our deal, I have engaged in extensive dialogue with many stakeholders, including the employees of U. S. Steel, government officials and community leaders, and I would like to express my sincere gratitude to all of them for their tremendous cooperation and support for this partnership.
Mori expressed his pleasure that the partnership has become a reality and emphasised their shared dedication with President Trump to safeguarding the future of the American steel industry, its workforce, and national security.
He also highlighted their commitment to fostering a stronger and more prosperous future for U.S. Steel.
U.S. Steel CEO Dave Burritt called the day “momentous” for the country, the communities, and the industry: “Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States.”
A key feature of the agreement is a National Security Agreement (NSA) with the U.S. government, which includes a “golden share” provision.
This gives the federal government the right to appoint an independent director and veto power over critical decisions, such as reductions in investment, changes to the company’s name or headquarters, relocating jobs or production abroad, and major acquisitions or closures.
The NSA also requires that U.S. Steel’s board and key management remain majority U.S. citizens and that the company continues to supply steel from U.S. production sites to meet domestic demand.
Nippon Steel has committed to approximately $11 billion in new investments in U.S. Steel by 2028, including a greenfield project to be completed after that date.
With the partnership, Nippon Steel Group’s annual crude steel capacity is expected to reach 86 million tons, advancing its global strategic goal of 100 million tons.
The total figure of more than 100,000 jobs created or protected is based on a study by Parker Strategy Group, commissioned by U.S. Steel, and includes direct, indirect, and induced jobs.
As part of the restructuring, Nippon Steel will record a business restructuring loss of about 230 billion yen in its consolidated financial results for the fiscal year ending March 2026, related to the transfer of shares in AM/NS Calvert LLC to ArcelorMittal S.A.
Despite this, the company stated that the impact on its full-year dividend forecast for fiscal 2025 will not change.
This partnership, forged through complex negotiations and significant federal oversight, positions the combined company as the world’s fourth-largest steelmaker and signals a new era for American steel, blending domestic legacy with global innovation.
