Nippon Steel and U.S. Steel said Wednesday they have finalized their “historic partnership,” a deal that gives the U.S. government a say in some matters and comes a year-and-a-half after the Japanese company first proposed its nearly $15 billion buyout of the iconic American steelmaker.
The pursuit by Nippon Steel for the Pittsburgh-based company was buffeted by national security concerns and presidential politics in a premier battleground state, dragging out the transaction for more than a year after U.S. Steel shareholders approved it.
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Anthony Rapa, a Blank Rome lawyer in Washington who advises firms on trade, operations and investments, said the government’s intervention in the Nippon Steel-U.S. Steel deal is another sign of a trend that the U.S. is increasingly equating economic security with national security.
He doesn’t see the government’s intervention as chilling foreign investment and said a “golden share” mechanism—to the extent it’s used again by the U.S. to ease national security concerns—is likely to emerge only in sensitive and complex cases.
Still, the episode could cause investors to be more strategic in how they approach transactions, Rapa said.
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“Nippon Steel Finalizes $15B Takeover of US Steel After Sealing National Security Agreement,” by Marc Levy, was published in AP News on June 18, 2025.
