Japanese media: JR Steel completes acquisition of American Steel

According to Japanese media reports, the Japanese steel company announced on the 18th that it has completed the acquisition of the American steel company and made it a wholly-owned subsidiary. The report said that on the same day, Nippon Steel completed the acquisition of all the shares of the American Steel Company, paying a total of approximately $14.1 billion for the acquisition, and has completed all necessary procedures for the acquisition. In addition, Nippon Steel also promised not to change the name of American Steel; not to relocate the headquarters of American Steel from Pittsburgh; not to breach, reduce, or delay investments in American Steel; not to close or suspend factories; and the U.S. government can exercise veto power over the aforementioned breach behaviors through obtaining "golden shares". In order to complete the acquisition, Nippon Steel and American Steel had previously signed a national security agreement with the U.S. government, committing to invest around $11 billion in American Steel by 2028 and issuing "golden shares" to the U.S. government to exercise veto power over important company matters.