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Japanese company Nippon Steel on Wednesday concluded a $14.1 billion deal to acquire US Steel following negotiations that lasted for 18 months, Nikkei Asia reported.

Nippon Steel will acquire all of US Steel's common shares while granting it a "golden share" as part of a National Security Agreement signed by both companies and the US government.

Nippon Steel announced the transaction's completion on Wednesday, while US Steel issued a statement confirming the deal.

This acquisition came days after US President Donald Trump on Friday reversed former President Joe Biden’s earlier decision to block the deal.

Nippon Steel is Japan's largest and the world’s fourth-largest steel producer.

As part of the agreement, Nippon Steel has pledged to invest $11 billion in the US by 2028, including an initial investment in a greenfield project to be completed after 2028.

Nippon Steel initially revealed the acquisition plan in December 2023, but it soon faced resistance from the United Steelworkers union and became entangled in US election-year politics.

In January, President Biden issued an order to halt the acquisition, which led both firms to file a lawsuit against the former president.

The deal came amid Trump’s recent 50% tariff on all steel imports, an increase from the previous 25%.

As a result of the acquisition, Nippon Steel’s crude steel output will increase from 43.64 million tons to 57.82 million tons, narrowing the gap with China’s Ansteel Group, which produced 59.55 million tons in 2024.