S/ Hashimoto Eiji, Chairman, Nippon Steel / It was unreasonably rejected by the former Biden administration, but we were able to gain a correct decision under the Trump administration.

Nippon Steel announced that it has made US Steel its wholly owned subsidiary by purchasing 100 percent of the American company's common stock for about 14 billion dollars, or approximately 2 trillion yen.

The move came after twists and turns during the 18 months that the Japanese firm took to negotiate its bid to take over the struggling US Steel.

Former US President Joe Biden blocked the takeover in his final days in office, citing national security concerns.

His successor Donald Trump also initially shared the concerns but reversed his stance and last week issued an executive order giving the green light to the acquisition plan.

Under the partnership deal, US Steel will issue a golden share to the US government, giving Washington a strong say in the company's key management issues.

While there are concerns over excessive US government control, Nippon Steel's Hashimoto said he believes management freedom will be guaranteed.

He added that he is satisfied with the overall agreement with the US government.

A source with the Japanese government noted that the fact that Nippon Steel was able to make US Steel its wholly owned subsidiary was impressive, saying that golden shares are hardly ever activated.

The golden share gives the US government the right to appoint one independent director and to consent on certain matters including changes in the location of US Steel's offices and production bases.

Under the deal, Nippon Steel and US Steel have also entered into a National Security Agreement with the US government.

Nippon Steel is set to invest 11 billion dollars into US Steel by 2028.