Nippon Steel completed the purchase of United States Steel on Wednesday, bringing to a close an 18-month saga that involved two national security reviews, an outright rejection by one U.S. president and a flurry of contradictory statements from another president, all in the context of the most consequential U.S. election in recent history and a global trade war.
“We have secured the necessary management flexibility and profitability essential for business investment, and we recognize this agreement as fully satisfactory for our company,” said Nippon Steel Chairman and CEO Eiji Hashimoto, at a news conference in Tokyo on Thursday.
The transaction was completed following U.S. President Donald Trump’s Friday decision to overturn a January order issued by his predecessor that blocked the $14.9 billion deal on national security grounds. Trump's order allowed the deal to go ahead on the condition that a national security agreement is signed between Nippon Steel and the U.S. government.
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