Nippon Steel completed the purchase of United States Steel on Wednesday, bringing to a close an 18-month saga that involved two national security reviews, an outright rejection by one U.S. president and a flurry of contradictory statements from another president, all in the context of the most consequential U.S. election in recent history and a global trade war.
¡°We have secured the necessary management flexibility and profitability essential for business investment, and we recognize this agreement as fully satisfactory for our company,¡± said Nippon Steel Chairman and CEO Eiji Hashimoto, at a news conference in Tokyo on Thursday.
The transaction was completed following U.S. President Donald Trump¡¯s Friday decision to overturn a January order issued by his predecessor that blocked the $14.9 billion deal on national security grounds. Trump¡¯s order allowed the deal to go ahead on the condition that a national security agreement is signed between Nippon Steel and the U.S. government.
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