U.S. Steel shares were delisted from the New York Stock Exchange (NYSE) on Wednesday as Japan’s Nippon Steel finalized its acquisition of the historic American industrial firm.The move concludes months of negotiations and political debate surrounding the deal.

President Donald Trump had previously stated that the companies would form a “partnership” ensuring U.S. Steel remained under American ownership. However, the NYSE informed the Securities and exchange commission that U.S. Steel’s shares would be removed from listing after the company became a wholly owned subsidiary of Nippon Steel North America.

Trading of U.S. Steel shares was halted at 8:30 a.m. ET on Wednesday following the completion of the acquisition, according to the NYSE. The delisting is scheduled to take effect on June 30, the exchange confirmed.

While Trump initially opposed Nippon’s acquisition bid during the 2024 presidential campaign, he later shifted his position after assuming office, calling for a new review of the agreement in April. Former President Joe Biden had previously blocked Nippon’s acquisition in January, citing national security concerns.

Trump announced a “partnership” between U.S. and Nippon in a may 23 post on Truth Social, leading to confusion among investors and union members regarding potential changes to the original deal structure.

despite the “partnership” rhetoric, both U.S. Steel and Nippon maintained the terms of the original December 2023 merger agreement in their SEC filings. U.S. Steel will continue to operate under its existing name.

“Golden Share” Agreement

Trump mandated that U.S. Steel and Nippon sign a national security agreement with the U.S.government as a prerequisite for approving the deal.

Under this agreement, the U.S. president will hold a “golden share,” granting veto power over key decisions, including:

• Changing U.S. Steel’s name or relocating its headquarters from Pittsburgh
• Moving U.S. Steel’s operations outside the U.S.
• Relocating production or jobs outside the U.S.
• Certain decisions related to the closure or idling of U.S. Steel’s domestic manufacturing facilities, trade, labour practices, and sourcing activities outside the U.S.
• Reductions in capital investments as outlined in the national security agreement
• Meaningful acquisitions of competing businesses within the U.S.

The national security agreement also stipulates that a majority of U.S. Steel’s board members and its CEO must be U.S. citizens. Nippon has also committed to maintaining U.S. Steel’s incorporation within the United States.

“Partnership” rhetoric caused confusion among investors and union members.

Nippon will invest $11 billion in U.S. Steel by 2028, including an initial $1 billion for a greenfield project slated for completion after 2028, according to the agreement.