After more than a year of negotiations and an initial outright opposition, President Donald Trump has authorized the acquisition of U.S. Steel, the American steelmaker, by Japan's Nippon Steel.

This operation, initially valued at approximately $14.1 billion, is subject to certain undisclosed conditions and follows the signing of a National Security Agreement (NSA) along with the issuance of a 'golden share' for the U.S. government, which guarantees control over key aspects of the new corporate structure.

This decision marks a significant shift from Trump's earlier stance, during his campaign and following his election victory, when he repeatedly stated that he would veto the acquisition on grounds of industrial sovereignty.

In December, he expressed on social media, 'I am totally opposed to the once great and powerful U.S. Steel being bought by a foreign company.' However, after taking office and meeting with Japanese leaders, including Prime Minister Shigeru Ishiba, Trump changed his position and approved the deal with conditions.

The decree signed by Trump on Friday authorizing the operation is contingent upon fulfilling the National Security Agreement, which outlines approximately $11 billion in new investments until 2028. Part of this funding will support a new project extending beyond that year.

The agreement also includes firm commitments regarding governance, domestic production, and trade matters.

A notable feature of the pact is the 'golden share' granted to the U.S. government, whose specific scope has not yet been publicly detailed.

This special provision will enable the federal government to veto certain board appointments and ensure that domestic production levels are maintained without offshoring jobs.

Senator David McCormick from Pennsylvania remarked that 'the control structure will be something unique,' featuring a U.S. CEO and a board predominantly composed of U.S. citizens.

Nippon Steel has committed to keeping U.S. Steel's headquarters in Pittsburgh, Pennsylvania, preserving the historic company's name and prioritizing domestic production to meet internal market demands.

These guarantees, which had been unsuccessfully offered to former President Joe Biden, were ultimately accepted by the Trump administration.

During Biden's tenure, the acquisition was blocked in January 2025 due to union pressures and national security concerns.

The Democratic administration argued for the necessity of maintaining a 'strong steel industry' in the U.S., particularly in key states such as Pennsylvania, where the votes of industrial workers can be decisive in elections.

The announcement of the authorization has been positively received by both companies, which have hailed the agreement as a 'historic alliance' expected to generate unprecedented investment and to protect and create over 100,000 jobs.

With the approval of the Department of Justice, the signing of the presidential decree, and the national security agreement in place, the operation has cleared all regulatory hurdles and is anticipated to proceed shortly.