In a historic shift for American industry, Nippon Steel has completed the full acquisition of US Steel, once a titan of American manufacturing, in a $14.1 billion deal that places the iconic company under foreign ownership. The transaction, finalized this week, involves the Japanese steel giant purchasing US Steel at $55 per share, while the company retains its Pittsburgh headquarters and brand identity.

Once the world’s most valuable corporation and a linchpin in America’s industrial dominance, US Steel is now a wholly-owned subsidiary of Nippon. Despite its international control, the deal includes unprecedented safeguards that give the United States government influence over key operational decisions — including veto power by President Donald Trump over workforce reductions, plant closures, and production changes.

The agreement follows months of political scrutiny and mixed reactions. Former President Joe Biden had initially blocked the deal, citing national security concerns. However, the new administration reversed course, claiming that Nippon had improved the deal terms and pledged significant investment into US-based operations.

President Trump, speaking to steelworkers near Pittsburgh, claimed credit for extracting better terms for American workers. He emphasized that the furnaces would remain active, jobs would be preserved, and no outsourcing would take place under his watch. Trump characterized the agreement not as a sale, but as a strategic investment, asserting that control would remain effectively American despite Nippon’s full ownership.

The finalized plan includes an investment commitment of $14 billion, though only $11 billion is confirmed through 2028 under the current agreement with the U.S. government. The unusual involvement of the presidency in corporate decisions reflects growing concerns about strategic industries falling under foreign control.