Industrial policy and supply chains
2026-04-26
11 minute read
12 sources
US Steel and Nippon, Closed at Last: The Golden Share, Mon Valley, and a New CFIUS Template
The USD 14.9 billion Nippon Steel acquisition of US Steel closed in August 2025 only after a Trump executive order conditioned approval on a Golden Share, USW guardrails, and roughly USD 14 billion of incremental US capex, rewriting CFIUS practice.
Nippon Steel announced its USD 14.9 billion all cash bid for US Steel on December 18, 2023, at USD 55 per share, a roughly 40 percent premium and well above the USD 7.3 billion Cleveland-Cliffs offer from Lourenco Goncalves that summer. CFIUS escalation, United Steelworkers opposition under David McCall, and a Pittsburgh coalition pushed ...