U.S. Steel ceases trading on the NYSE as Japan’s Nippon finalizes takeover

U.S. Steel shares stopped trading connected the New York Stock Exchange connected Wednesday aft Japan’s Nippon Steel completed its acquisition of the iconic American concern name.

President Donald Trump has insisted for weeks that the companies would signifier a “partnership” successful which U.S. Steel would stay American-owned.

But the New York Stock Exchange notified the Securities and Exchange Commission connected Wednesday that U.S. Steel’s shares would beryllium removed from listing, aft the institution became a wholly owned subsidiary of Nippon Steel North America.

U.S. Steel shares stopped trading astatine 8:30 a.m. ET connected Wednesday aft Nippon completed its acquisition, according to a announcement from the NYSE. The delisting volition beryllium effectual connected June 30, NYSE said.

Trump opposed Nippon’s bid to get U.S. Steel successful the runup to the 2024 statesmanlike election, but helium changed his stance aft helium took office, ordering a caller reappraisal of the woody successful April. Former President Joe Biden had blocked Nippon’s acquisition successful January, citing nationalist information concerns.

Trump announced a “partnership” betwixt U.S. and Nippon successful a May 23 post connected his societal media level Truth Social, causing disorder among investors and national members astir whether the operation of the archetypal woody had changed somehow.

U.S. Steel and Nippon started adopting the president’s “partnership” language, though they ne'er backed disconnected from the presumption of the archetypal December 2023 merger statement successful their filings with SEC. U.S. Steel volition proceed to run nether its name.

Golden share

Trump did compel U.S. Steel and Nippon to sign a nationalist information agreement with the U.S. authorities arsenic a information for him clearing the deal.

The U.S. president volition wield a “golden share” nether the presumption of the agreement. U.S. Steel said Wednesday that the aureate stock gives the president veto powerfulness implicit the pursuing decisions:

• Changing U.S. Steel’s sanction oregon moving its office from Pittsburgh
• Moving U.S. Steel extracurricular the U.S.
• Moving accumulation oregon jobs extracurricular the U.S.
• Some decisions regarding the closure oregon idling of U.S. Steel’s home manufacturing facilities, trade, labor, and sourcing extracurricular the U.S.
• Reductions successful superior investments nether the nationalist information agreement
• Material acquisitions of competing businesses successful the U.S.

A bulk of U.S. Steel’s committee members and its CEO volition beryllium U.S. citizens, according to the presumption of the nationalist information agreement. Nippon besides agreed that U.S. Steel volition stay incorporated successful the U.S.

Nippon will invest $11 cardinal successful U.S. Steel by 2028, including $1 cardinal successful archetypal spending connected a greenfield task that volition beryllium completed aft 2028, according to the agreement.