Nippon Steel Wins Control of US Steel

TOKYO, Jun 19 (News On Japan) - Nippon Steel has completed its acquisition of US Steel, spending approximately 2 trillion yen over a period of 18 months. Speaking at a press conference the day after the announcement, Chairman Hashimoto emphasized that "profitability and management flexibility have been secured."

Hashimoto said: "Through the historic and bold decision of President Trump, we have acquired all shares of US Steel, establishing this partnership. We believe that profitability and managerial autonomy are secured, and we consider this agreement fully satisfactory for our company."

As part of the acquisition, Nippon Steel signed a "national security agreement" with the US government, issuing one so-called "golden share" that grants the US side veto rights over critical management decisions. This golden share effectively restricts name changes and overseas relocations for US Steel.

Considering these conditions, Hashimoto stressed that the 2 trillion yen investment was "extremely rational and efficient."

The United Steelworkers (USW), which had consistently opposed Nippon Steel's acquisition plan, has now effectively accepted the deal. On June 18th, following the completion of the acquisition procedures, USW Chairman McCall issued a statement acknowledging the outcome.

In the statement, McCall noted that "President Trump holds the 'golden share' and can exercise remarkable personal power over US Steel," signaling the union's acceptance of the takeover by Nippon Steel.

Since the acquisition plan was first announced in December two years ago, USW had maintained firm opposition. Even last week, when President Trump indicated conditional approval of the deal, the union criticized the policy shift, saying it was "disappointed by Trump's reversal after more than a year of opposition." However, the granting of the golden share to the US government ultimately led the union to soften its stance.

Within USW, opinions had been divided between the leadership and rank-and-file members. Among the workers at US Steel, some voiced support for the acquisition, arguing that "without Nippon Steel's investment, the plants could not be sustained."

Source: TBS

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