Nippon Steel Corp. completed its acquisition of U.S. Steel after more than a year of U.S. government opposition, leading to a 2.3% jump in its share price as reported on June 19, 2025. This contentious deal highlights the firm's increasing consolidation of market power.

Nippon Steel finalized its nearly $15 billion acquisition of U.S. Steel after negotiating a national security agreement that introduces a golden share provision, allowing the U.S. government to appoint a board member and exercise oversight over key corporate decisions, including protections for domestic production and job security. The deal, which faced opposition from the United Steelworkers union, underscores the company's engagement with political safeguards to protect national economic security and labor interests.

In December 2023, Nippon Steel announced a USD 15 billion plan to acquire US Steel, pledging to maintain US jobs and union contracts. After facing intense scrutiny and national security concerns, the deal was blocked by President Biden on January 3, 2025. In response, Nippon Steel, along with US Steel, filed lawsuits alleging unlawful political influence, critiquing what they describe as a politically motivated decision. This event has sparked a broad debate on cross-border investments, national security, and the role of political interference in corporate transactions.

US senators have expressed concerns about Nippon Steel's possible connection to forced labor practices in Xinjiang amid its $14.9 billion acquisition of US companies. Allegations center around the company's joint venture with Baowu, a Chinese steel company implicated in enforcing policies that enable forced labor, despite Nippon Steel's denial of having an office in Xinjiang.

Nippon Steel Corporation has outlined a comprehensive human rights and labor relations policy that emphasizes adherence to international human rights norms, prohibition of forced and child labor, anti-discrimination measures, worker training, and effective grievance mechanisms. The policy includes regular human rights due diligence and active engagement with stakeholders through dialogues and educational forums.

Nippon Steel completed its multi-billion-dollar acquisition of US Steel, restructuring the deal into a partnership that includes a national security agreement. This agreement grants the US government a 'golden share' with veto-like powers over key strategic decisions, ensuring continued US production and protecting domestic jobs, despite earlier bipartisan political controversy and intense lobbying efforts.

Nippon Steel spent over $6.1M on federal lobbying to support its bid for US Steel, engaging Trump allies and influential lobbyists to sway decision makers and public opinion. The effort included hiring Akin Gump and subcontracting Trump-linked firms, with campaign donations and political bundling contributing to a pattern of aggressive political intervention.