Nippon Steel Corp. and U.S. Steel Corp. have finalized a partnership about half a year after a $15 billion deal was scuttled by the American government.  

The $15 billion purchase closed Wednesday with Nippon Steel buying 100% of U.S. Steel shares for $55 per share.The resulting company is said to be the fourth-largest steel producer in the world. 

The agreement will lead to some $11 billion in new investments and protect and create more than 100,000 jobs across U.S. Steel’s footprints in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama, the two companies said in a join statement Wednesday.

As part of the partnership, 124-year-old U.S. Steel will keep its current name, and its headquarters will remain in Pittsburgh.  

The purchase came with a National Security Agreement (NSA) the two firms entered with the U.S. government. U.S. Steel will also issue a “golden share” to the U.S. government, which essentially means American authorities will maintain some control over the company.  

Under the NSA, there are measures designed to protect U.S. national security, including commitments such as:

• Nippon Steel will make the$11 billion in new investments in U.S. Steel by 2028, including a greenfield project that will be completed after 2028.
• A majority of the members of U.S. Steel’s board will be U.S. citizens, as will its key management personnel, including its CEO.
• U.S. Steel will produce and supply steel in the U.S. to meet domestic demand.

The two steel giants announced an all-cash acquisition by Nippon Steel in December 2023, but that deal was nixed in January of this year by the Biden administration, which argued that it posed a national security risk. On the campaign trail, Donald Trump also voiced opposition to the deal, but has since changed course, the Associated Press notes.  

Proponents of the deal have said it would bring Nippon Steel’s much-needed tech savvy to outdated processes at U.S. Steel, while also helping to save jobs and make major investments in factories in places such as the Mon Valley region of Pennsylvania and Gary, Ind. Opponents contended it poses a national security risk.