Japan’s Nippon Steel has said it could issue equity to fund billions of dollars of promised investment in US Steel, after its nearly $15bn takeover of its American rival closed following a year of political wrangling.
US President Donald Trump approved the tie-up last week, months after his predecessor Joe Biden moved to block the deal. Nippon Steel clinched Trump’s approval after pledging to invest $11bn in the Pennsylvania-based company by 2028 — four times what it had initially promised.
The Japanese company also handed the government a “golden share” in US Steel, which gives the US government final say on a host of possible business decisions, including moving jobs outside the US and closing plants.