Not ultimately. In February 2025, President Donald Trump said Nippon Steel would invest in U.S. Steel rather than buy it. That described the proposal at that moment—not the final outcome: Trump approved the acquisition in June 2025, and the companies announced that the deal had closed. The original offer was reported at $14.9 billion, while a separate company-stated commitment called for about $11 billion in new investment by 2028.
What Trump meant by saying Nippon Steel dropped the offer
Trump’s February 2025 statement described a proposed investment alternative to Nippon Steel’s plan to acquire U.S. Steel. The Associated Press reported that the companies were pursuing investment instead of a purchase at that point. It should not be read as confirmation that the acquisition had been permanently abandoned. The AP report from February 2025 covers the statement.
How the proposal changed—and how the deal ended
- December 2023: Nippon Steel proposed acquiring U.S. Steel. The Associated Press later described the proposed buyout as $14.9 billion in cash and debt—often rounded to $15 billion. AP’s June 2025 account reports that figure.
- March 14, 2024: The Committee on Foreign Investment in the United States (CFIUS) received a voluntary notice about the proposed transaction, according to the White House order issued in June 2025. The order records the filing and the executive action.
- February 2025: Trump publicly described an investment in U.S. Steel rather than a purchase. That was the position he described during negotiations, not the final transaction outcome. The AP report covers the announcement.
- June 2025: Trump approved the transaction, and U.S. Steel and Nippon Steel announced that it had been completed. Their announcement described approximately $11 billion in new investment by 2028. U.S. Steel’s completion announcement gives the companies’ account of the closing and investment commitment.
How to understand the $15 billion and $11 billion figures
| Figure | What it refers to | Attribution and qualification |
|---|---|---|
| $14.9 billion | The proposed purchase of U.S. Steel | Reported by the Associated Press in June 2025; the proposal was described as cash and debt. It is commonly rounded to $15 billion. AP |
| Approximately $11 billion by 2028 | Planned new investment under the completed transaction | Stated by U.S. Steel and Nippon Steel in June 2025; it is a company commitment, not proof that the full amount has already been spent. U.S. Steel and Nippon Steel |
These numbers describe different things: a proposed price for buying the company and a later commitment to invest in it. They are not competing estimates of the same payment.
What government involvement means
The CFIUS filing and the President’s executive action were part of the national-security review of the proposed transaction. In September 2026, the Associated Press reported Trump referring to his June 2025 approval and to an arrangement that gave the federal government a say in some company decisions. That reporting describes government involvement broadly; it does not, by itself, establish the precise rights in the governing documents. The AP report from September 28, 2026 provides that later context.
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A separate Nippon Steel investment in Slovakia
Nippon Steel announced a planned €0.9 billion investment in a new electric arc furnace and air separation unit at U.S. Steel Košice in Slovakia in September 2026. That is a separate project within the broader company group, not a term of the U.S. Steel acquisition. Nippon Steel’s announcement describes the Košice project.
Quick Recap
Best Value
- Author: Steel, Danielle.
- Publisher: Dell
- Pages: 416
- Publication Date: 2010
- Edition: Reprint
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