Us Steel’s actions stopped operating in the New York Stock Exchange on Wednesday after Japan Nippon Steel completed its acquisition of the iconic American industrial name.
President Donald Trump has insisted on the week that companies would form an “association” in which Us Steel would remain American property.
But the New York Stock Exchange notified the Bolsa and Securities Commission on Wednesday that Us Steel’s shares would be eliminated from the list, after the company is a total subsidiary of Nippon Steel North America.
Us Steel’s actions stopped quoting at 8:30 am et on Wednesday after Nippon completed his acquisition, according to a NYSE warning. The elimination will be effective on June 30, Nyse said.
Trump opposed Nippon’s commitment to acquire the US steel. In the period prior to the 2024 presidential elections, but changed his position after a tok position, ordering a new review of the agreement in April. Former President Joe Biden had blocked the acquisition of Nippon in January, citing National Conerns security.
Trump announced an “association” between us and Nippon in a May 23 publication on its Social Network Platform Truth Social, causing confusion between investors and union members about whether the structure of the original agreement had changed in some way.
Us Steel and Nippon began to adopt the language of “association” of the president, the thought never backed by the terms of the Original Fusion Agreement of December 2023 in their presentations with the Sec. Us Steel will continue to operate under its name.
Share Golden
Trump forced Us Steel and Nippon to sign a national security agreement with the United States government as a condition for him clearing the agreement.
The president of the United States will arouse a “golden action” under the terms of the agreement. Us Steel said Wednesday that Golden Share gives power to the president’s veto about the following decisions:
- Change the name of Us Steel or move your Pittsburgh headquarters
- Moving the United States steel outside the United States
- Move production or works outside the United States
- Some decisions about the closure or idle of the national manufacturing facilities of Us Steel, trade, work and supply outside the United States
- Reductions in capital investments under the National Security Agreement
- Acquisitions of Business Materials in the United States
The majority of the members of the Board of Us Steel and their CEO will be American citizens, agreeing the terms of the National Security Agreement. Nippon also agreed that Us Steel Wille remains incorporated in the US.
Nippon will invest $ 11 billion in Us Steel by 2028, including $ 1 billion in initial expenses in a Greenfield project that will be completed after 2028, according to the agreement.