Manufacturing
Regarding The Proposed Acquisition Of United States Steel Corporation By Nippon Steel Corporation
Trump conditionally allows Nippon Steel’s acquisition of U.S. Steel under a binding national security agreement.
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The order reverses the transaction’s unconditional prohibition while retaining safeguards intended to address risks to U.S. national security.
What the order does
- Permits the acquisition only if Nippon Steel and U.S. Steel sign a national security agreement materially consistent with the Government’s June 13, 2025, draft before closing.
- Requires the companies to remain compliant with the agreement after closing.
- Authorizes CFIUS to monitor the transaction and enforce protective measures until the deal is abandoned or the agreement is signed.
- Reserves presidential authority to issue additional orders needed to protect national security.
Who it affects
- Nippon Steel Corporation, Nippon Steel North America, and their merger subsidiary.
- United States Steel Corporation.
- CFIUS and the Department of the Treasury.
Context
President Biden blocked the transaction on January 3, 2025; this order replaces that unconditional ban with conditional approval.