US President Donald Trump signed an executive order on June 13 approving Nippon Steel’s US$14.9 billion acquisition of U.S. Steel, with conditions aimed at safeguarding national security.

The deal includes a "golden share" arrangement, requiring both companies to sign an agreement with the US Department of the Treasury granting the US veto power over key decisions related to technology, governance, and capacity. This clause was seen as critical to gaining Trump’s approval.

Trump welcomed the merger, saying it would help make American steel and manufacturing great again, and praised both companies for prioritizing US interests.

Nippon Steel committed to investing US$11 billion in upgrades and equipment by 2028, plus another US$3 billion for a new plant after that. Despite the strategic benefits, investor response has been cautious.