Timeline of Nippon Steel Acquiring U.S. Steel
Aug. 2023: U.S. Steel announces it has received multiple unsolicited bids. A domestic rival, Cleveland-Cliffs Inc., announces it has made a $7.25 billion offer for 100 percent of U.S. Steel.
Dec. 2023: A strategic review by U.S. Steel’s management produces a bid from Nippon Steel that is roughly twice as high at $14.1 billion plus $800 million assumption of debt.
Dec. 18, 2023: Nippon Steel and U.S. Steel reach agreement on the sale of U.S. Steel. Nippon Steel pledges to keep U.S. Steel’s name, US-based production, and Pittsburgh headquarters; to invest $1.4 billion in old plants; and to comply with existing labor contracts.
March 14, 2024: President Biden says that US Steel should stay in American hands. The same day, he reportedly calls David McCall, president of the United Steelworkers union, to say that he “has the steelworkers’ back.” One week later the union announces its endorsement of President Biden in the 2024 presidential election. This follows an earlier statement by presidential candidate Donald Trump in January that he would “absolutely” block the deal if elected.
April 12, 2024: Ninety-eight percent of U.S. Steel shares voted are in favor of the transaction.
Aug. 31, 2024: CFIUS reportedly sends a letter to the two parties stating that the proposed transaction poses a risk to national security by threating the supply chain of steel for critical US industries (see “US fears Nippon bid for U.S. Steel could hit vital steel supplies”). Nippon Steel and US Steel reportedly submit a response to CFIUS refuting its arguments (see “Nippon Steel rebuts CFIUS's case against its bid for US Steel-letter”).
Sept. 4, 2024: US Steel CEO David Burritt warns that there may be plant closings and company headquarters may move away from Pittsburgh if the deal does not go through.
Sept. 18, 2024: CFIUS permits the two parties to revise and refile their response to the commission. This begins a new 90-day period for CFIUS to make a recommendation on the transaction – ending after the presidential election.
Nov. 20, 2024: Japan’s Prime Minister Ishiba reportedly sends a letter directly to President Joe Biden requesting US government approval of the deal (see “Japan PM Ishiba urges Biden to approve Nippon-US Steel deal, sources say”).
Nov. 22, 2024: Four House Republicans reportedly send a letter to the secretaries of Treasury and Commerce expressing “serious concerns” that political considerations tainted the CFIUS process in this case, and demanding the preservation of records for any future investigation (see US Steel Review Targeted by Republicans for Potential Probe).
Dec. 23, 2024: Upon expiration of the deadline for CFIUS review, the inter-agency committee fails to reach internal agreement. It sends a letter to the White House and the parties saying it is not making any recommendation and refers the decision to President Biden (see National Security Committee Forgoes Decision on U.S. Steel Acquisition).
Jan. 3, 2025: President Biden blocks the proposed acquisition on national security grounds.
Jan. 6, 2025: Nippon Steel and U.S. Steel file lawsuits contesting President Biden’s decision with the US Court of Appeals for the District of Columbia. The plaintiffs allege that the negative outcome was predetermined based on political considerations, violating their right to due process.
Feb. 7, 2025: In a press conference during Japanese Prime Minister Ishiba’s visit to Washington, D.C., President Trump says he will support Nippon Steel investing in but not outright buying U.S. Steel. Subsequent press reports in Tokyo state that Nippon Steel is only interested in a full purchase.
April 7, 2025: President Trump orders CFIUS to conduct a de novo review of the national security implications of Nippon Steel’s proposed acquisition of US Steel. CFIUS’s report is due in 45 days.
May 20, 2025: News reports say Nippon Steel dramatically raised its pledge of additional investment in U.S. Steel to a total of $14 billion on top of the $14.9 billion purchase price in an effort to obtain approval for the transaction.
May 21, 2025: CFIUS completes its de novo review and submits confidential recommendations to the White House.
May 22, 2025: President Trump meets with a group of Pennsylvania leaders. The following day, he announces on social media a “partnership” between Nippon Steel and U.S. Steel. No terms are disclosed, but the president says that U.S. Steel will be “controlled by the United States”; one participant in the meeting says the US government will receive a “golden share.”
May 30, 2025: On a visit to a U.S. Steel plant near Pittsburgh, President Trump announces that sector tariffs on steel and aluminum will be raised from 25 percent to 50 percent effective June 4, which will aid the domestic steel business and its workers. Trump says that Nippon Steel is making a very big investment, but that he still needs to approve the final terms of the deal.
June 5, 2025: The 14-day deadline for action based on the results of CFIUS’ de novo review is reached.
June 13, 2025: The White House issues an Executive Order declaring that the proposed transaction presents a national security risk, which can be adequately mitigated by attaching conditions. Nippon Steel is required to enter into a national security agreement with the US government that is materially consistent with a draft sent by the US government to the parties on June 13.
On the same day, Nippon Steel and U.S. Steel announce that the US government approved their “partnership” and that the two parties have entered into a national security agreement with the US government. This agreement provides for new investment of $11 billion by 2028 (and additional investment in a greenfield project after 2028), and commitments related to governance (including a “golden share” held by the US government), domestic production, and trade.
June 18, 2025: Nippon Steel closes on its purchase of 100% of U.S. Steel, paying $55 per share for a total price of $14.2 billion. (See Nippon Steel completes takeover of U.S. Steel in $14.2 billion deal.) U.S. Steel shares stop trading on the New York Stock Exchange after the company becomes a wholly owned subsidiary of Nippon Steel North America. (See U.S. Steel ceases trading on the NYSE as Japan’s Nippon finalizes takeover.)
Suggested citation:
“Timeline of Nippon Steel Acquiring U.S. Steel,” USALI East-West Studies, 3, No. 2, July 8, 2025, https://usali.org/nippon-steel/timeline.
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