U.S. President Donald Trump walks as workers react at U.S. Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, U.S., May 30, 2025.
Leah Millis | Reuters
U.S. Steel shares jumped on Monday after President Donald Trump approved its controversial merger with Japan’s Nippon Steel.
U.S. Steel shares were last up about 5% in morning trading.
Trump issued an executive order on Friday that allowed U.S. Steel and Nippon to finalize their merger so long as they signed a national security agreement with the U.S. government. The companies said they signed the agreement with the government, completing the final hurdle for the deal.
U.S. Steel said Friday that the national security agreement includes a golden share for the U.S government, without specifying what powers the government would wield with its share.
Trump said Thursday the golden share gives the U.S. president “total control” without providing specifics. Pennsylvania Sen. Dave McCormick told CNBC in May that the share gives the U.S. government control of several board seats.
Commerce Secretary Howard Lutnick detailed the rights that the U.S. government has with its golden share in a social media post Saturday. Lutnick said the share gives the U.S. president veto power over any decision to relocate U.S. Steel’s headquarters, move the company outside the U.S., rename U.S. Steel, transfer production or jobs outside the U.S., and close or idle plants before certain time frames.
Trump has avoided calling the U.S. Steel-Nippon transaction a merger, describing the deal instead as a “partnership.” U.S. Steel confirmed in a regulatory filing Monday that the company will become a wholly owned subsidiary of Nippon Steel North America.
“All regulatory approvals required for the completion of the Transaction have been received,” U.S. Steel said in a filing with the Securities and Exchange Commission on Monday. “The Transaction remains subject to the satisfaction of customary closing conditions, and is expected to be completed promptly.”
