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US Steel shares stopped negotiating on the New York Stock Exchange on Wednesday after Nippon Steel in Japan completed his acquisition of the emblematic American industrial name.
President Donald Trump insisted for weeks that companies would form a “partnership” in which US Steel would remain belonging to the United States.
But the New York Stock Exchange informed the Securities and Exchange Commission on Wednesday that US Steel’s shares would be withdrawn from registration, after the company has become a subsidiary in exclusive property in Nippon Steel North America.
US Steel’s actions stopped negotiating at 8:30 a.m. on Wednesday after Nippon completed its acquisition, according to a NYSE opinion. The cancellation will come into force on June 30, said NYSE.
Trump opposed the Japanese offer to acquire US Steel when breaking the 2024 presidential election, but he changed his position after his entry into office, commanding a new examination of the agreement in April. Former president Joe Biden had Blocked Japanese acquisition In January, citing national security problems.
Trump announced A “partnership” between us and Japanese In A position of May 23 On his social media platform Truth Social, provoking confusion between investors and the members of the union to find out if the structure of the initial agreement had changed in one way or another.
Us Steel and Japanese began to adopt the language of the president’s “partnership”, although they have never retreated The terms of the original December 2023 Fusion agreement in their deposits with sec. Us Steel will continue to operate under his name.
Gold share
Trump forced us to steel and Japanese at Sign a national security agreement With the American government as a condition for him to clean the agreement.
The American president will handle a “Golden Share” Under the terms of the agreement. Us Steel said on Wednesday that the gold share gives the president the veto to power over the following decisions:
- Change the name of US Steel or move its headquarters of Pittsburgh
- Move American steel outside the United States
- Move production or jobs outside the United States
- Certain decisions concerning the closure or slow motion of the interior manufacturing facilities of the US Steel, trade, workforce and supply outside the United States
- Reduction of capital investments within the framework of the National Security Agreement
- Acquisitions of equipment from competing companies in the United States
The majority of the members of the board of directors of US Steel and its CEO will be American citizens, under the terms of the national security agreement. Japanese has also agreed that US Steel will remain incorporated into the United States
Japanese will invest $ 11 billion in American steel by 2028, including $ 1 billion in initial spending on a Greenfield project which will be completed after 2028, according to the agreement.
