TIMELINE-Nippon Steel wraps up long-drawn purchase of U.S. Steel

ReutersJun 18, 2025 2:01 PM

June 18 (Reuters) - Nippon Steel 5401.T on Wednesday finalized its $14.9 billion purchase of U.S. Steel X.N, capping an 18-month effort that faced intense political scrutiny.

The Japanese steelmaker also revealed the terms of a national security agreement with the Trump administration, which grants President Donald Trump the right to appoint a board member and issue a non-economic golden share.

Here are some important developments since U.S. steel put itself up for sale nearly two years ago:

DATE	DEVELOPMENT
Aug. 13, 2023	U.S. Steel announces aim to explore options after receiving unsolicited bids, ranging from the acquisition of certain production assets to consideration for the company
Aug. 13, 2023	U.S. Steel rejects a $7.3-billion offer from Cleveland-Cliffs, leading to the start of a formal review of its strategic options
Aug. 14, 2023	The United Steelworkers union supports Cleveland-Cliffs' bid to acquire U.S. Steel, saying the company is the best buyer
Aug. 14, 2023	Shares of U.S. Steel rise after privately held firm Esmark makes a $7.8-billion all-cash offer for the company
Aug. 16, 2023	ArcelorMittal, the world's second-largest steelmaker, considers a potential offer for U.S. Steel, Reuters reports
Aug. 17, 2023	U.S. Senator J.D. Vance asks U.S. Steel to rule out a foreign buyer for the company
Aug. 23, 2023	Esmark withdraws its bid for U.S. Steel, respecting the position of the USW union, which supports Cleveland-Cliffs' offer
Aug. 29, 2023	U.S. Steel begins due-diligence after entering agreements with numerous third parties
Sept. 20, 2023	U.S. Steel and Cleveland-Cliffs clash over a confidentiality pact
Sept. 28, 2023	U.S. Steel allows Cleveland-Cliffs to participate in its sale process
Oct. 31, 2023	Major automakers oppose Cleveland-Cliffs' proposed deal, citing potential cost increases and a slowdown in electric-vehicle sales
Dec. 18, 2023	Japan's Nippon Steel announces its plan to buy U.S. Steel in a deal valued at $14.9 billion
Dec. 19, 2023	Three U.S. Republican senators urges Treasury Secretary Janet Yellen to block the deal by Nippon Steel, citing national security concerns.
Dec. 21, 2023	The White House says Nippon Steel's proposed acquisition of U.S. Steel deserves "serious scrutiny", given its core role in U.S. steel production that is critical to national security.
Jan. 05, 2024	Nippon Steel was confident of completing its planned acquisition of U.S. Steel, despite opposition from labor union and certain U.S. senators, its president said.
Jan. 24, 2024	Nippon Steel Executive Vice President Takahiro Mori meets U.S. Congress members to discuss acquisition of U.S. Steel, as it faced strong resistance.
Feb. 07, 2024	Nippon Steel says it was on track to finalize its acquisition of U.S. Steel by September end as it stepped up talks with key stakeholders, particularly labor unions.
March 04, 2024	A senior Nippon Steel executive tells Reuters he was set to meet the United Steelworkers union chief to seek support for acquiring U.S. Steel.
March 13, 2024	President Joe Biden plans to express concern over Nippon Steel's proposed purchase of U.S. Steel, pushing the company's stock nearly 13% lower.
April 10, 2024	The U.S. Department of Justice opens an in-depth antitrust investigation into Nippon Steel's takeover of U.S. Steel.
April 12, 2024	U.S. Steel shareholders vote to approve the acquisition, taking the merger one step closer to completion even as political opposition rise.
April 17, 2024	Biden says at an event in Pittsburgh the U.S. Steel should stay a U.S.-owned company.
May 2, 2024	The U.S. Department of Justice sends a "second request" to U.S. Steel, seeking more details and documentary materials for an antitrust review.
May 6, 2024	The European Commission approves U.S. Steel's $14.9 billion buyout saying the deal does not raise competition concerns.
May 30, 2024	U.S. Steel and Nippon Steel say they had received all regulatory approvals outside the U.S. for their proposed merger
July 20, 2024	Nippon Steel hires former U.S. Secretary of State Mike Pompeo to help with its effort to acquire U.S. Steel
Aug. 29, 2024	Nippon Steel says it plans to invest about $1.3 billion more in U.S. Steel's two mills as part of the pending acquisition
Sept. 2, 2024	Democratic presidential candidate Kamala Harris says U.S. Steel should remain in domestic hands
Sept. 4, 2024	The White House is close to announcing Biden will block Nippon Steel's acquisition of U.S. Steel on national security concerns, two sources familiar with the situation told Reuters
Sept. 18, 2024	U.S. decision on Nippon bid for U.S.Steel pushed back to after November election, sources told Reuters.
Sept. 24, 2024	U.S. Steel says the board of arbitration, selected by the steelmaker and the United Steelworkers union, has ruled in favor of Nippon Steel's $14.9 billion buyout deal. The United Steelworkers union disagrees with the decision.
Sept. 27, 2024	Biden says he had not changed his mind about the deal despite the extension of a national security review of the proposed tie-up.
Nov. 18, 2024	Nippon Steel will not import steel to the U.S. from its international mills, the Japanese company's Executive Vice President Takahiro Mori said in a letter to United Steelworkers union.
Nov. 26, 2024	Japanese Prime Minister Shigeru Ishiba sent a letter to Biden asking him to approve the deal to avoid marring recent efforts to strengthen ties between the countries.
Dec. 3, 2024	U.S. President-elect Donald Trump says tax incentives and tariffs will revive U.S. Steel, and reiterated his opposition to Nippon Steel's planned purchase.
Dec. 10, 2024	Biden plans to block the purchase on national security grounds once the deal is referred to him later this month, Bloomberg News reports.
Dec. 23, 2024	The Committee on Foreign Investment in the United States (CFIUS) refers a decision on the proposed tie-up to the White House.
Jan. 3, 2025	Biden blocks U.S. Steel's $14.9 billion buyout by Japan's Nippon Steel on national security concerns.
Jan. 5, 2025	Cleveland-Cliffs CEO Lourenco Goncalves repeatedly cast doubt on the deal's prospects to investors, Reuters reports.
Jan. 6, 2025	U.S. Steel and Nippon Steel file a lawsuit against Joe Biden's block order, as well as one against Cleveland-Cliffs, its CEO Lourenco Goncalves, and USW union President David McCall.
Jan. 8, 2025	U.S. Treasury Secretary Janet Yellen says the deal received a "thorough analysis" by an inter-agency review body that was sent to Biden
Jan. 11, 2025	The Biden administration delayed until June an order for Nippon Steel to abandon its $14.9 billion bid for U.S. Steel, giving them some time to revive the politically contentious deal
Jan. 12, 2025	Japan Prime Minister Shigeru Ishiba asked Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel-U.S. Steel deal
Jan. 13, 2025	Cleveland-Cliffs CLF.N and Nucor NUE.N teams up to prepare a potential all-cash bid for U.S. Steel, with an offer in the high $30s per share, according to a source
Jan. 27, 2025	Activist investor Ancora nominated nine candidates to U.S. Steel board, in an attempt to oust company CEO David Burritt and push the American steelmaker to back out of the merger
Feb. 6, 2025	Trump meets U.S. Steel CEO David Buritt at the White House to discuss deal
Feb. 7, 2025	Donald Trump says the deal would take the form of an investment instead of a purchase, even as two sources familiar with the matter said the Japanese company had not withdrawn its bid
Feb. 10, 2025	Chief Cabinet Secretary Yoshimasa Hayashi says Nippon Steel was considering proposing a bold change in plan from its previous approach of seeking to buy U.S. Steel
March 17, 2025	Trump administration files a motion to extend two deadlines in U.S. Steel and Nippon Steel's lawsuit against CFIUS to give the government more time to wrap up merger talks with the firms
March 27, 2025	Semafor reports Nippon and U.S. Steel are in active talks about a deal that would preserve their $14 billion merger and secure billions more in investments from the Japanese steelmaker into Rust Belt facilities
April 9, 2025	Ancora Holdings drops U.S. Steel campaign, days after Trump signaled chances of deal with Nippon Steel going through
April 13, 2025	Trump reiterates his stance on U.S. Steel's control being in American hands and not a foreign company
May 19, 2025	Nippon Steel was planning to invest $14 billion in U.S. Steel's operations including up to $4 billion in a new steel mill if the Trump administration green lights its bid for the iconic U.S. company, according to a document and three people familiar with the matter
21 May, 2025	CFIUS submits a recommendation to Trump on Nippon Steel's fraught $14.9 billion bid for U.S. Steel, according to a person familiar with the matter
23 May, 2025	Trump expresses support for the merger, saying their "planned partnership" would create jobs and help the American economy
27 May, 2025	Nippon offers a "golden share" to the U.S. government, giving it veto power over key decisions relating to U.S. Steel, as part of a deal, Republican Senator David McCormick said
13 June, 2025	Trump signs an executive order saying the tie-up could move forward if the companies sign an agreement with the Treasury Department resolving national security concerns posed by the deal.
18 June, 2025	The companies close the deal after an 18-month struggle and disclosed a national security agreement that grants President Donald Trump's administration an unusual level of authority among other promises.

Sources: Reuters reports, company records

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