Proposed acquisition of U.S. Steel by Nippon Steel

On December 18, 2023, Japanese steelmaker Nippon Steel Corporation (NSC), the world's third-largest steel producer, agreed to buy United States Steel Corporation (U.S. Steel) for $14.9 billion.

Under the terms of the deal, U.S. Steel became a wholly owned subsidiary of NSC but retained its name and headquarters in Pittsburgh, Pennsylvania; the Japanese steelmaker also pledged to honor existing agreements with the United Steelworkers (USW) trade union. The purchase resulted in Nippon Steel becoming the second largest steel manufacturer in the world.

Foreign ownership of U.S. Steel, an icon of American industry, sparked controversy. Critics, including the White House, bipartisan lawmakers, and the USW, raised concerns about workers, supply chains, and national security.

Supporters, including officials and analysts, argued that the deal could revive U.S. Steel and strengthen the steel industry. They noted Japan's role as a key economic partner and investor.

On March 14, 2024, the Biden Administration opposed the acquisition. Former President Donald Trump also vowed to block the deal if re-elected.

The deal underwent an antitrust review by the U.S. Department of Justice, and a possible investigation by the Committee on Foreign Investment in the United States (CFIUS). Nippon Steel subsequently delayed its timeline for closing the deal from the middle of 2024 towards the end of the year. In September 2024, it was revealed that the Biden Administration was preparing to block Nippon's proposed acquisition of U.S. Steel.

On January 3, 2025, Joe Biden blocked the deal via an executive order. After Biden blocked the deal, two U.S. steel companies, Cleveland-Cliffs and Nucor, announced that they were interested in buying U.S. Steel, all cash, at a price in the high $30s per share.

On June 18, 2025, the acquisition was finalized.