Nippon Steel completes its purchase of U.S. Steel after more than a year and half of high-stakes negotiations and national security concerns.

Japanese steel giant Nippon Steel has finalized its $14.9 billion acquisition of U.S. Steel (NYSE: X), ending an 18-month political and regulatory battle. The deal is a win for President Donald Trump’s administration, which negotiated a “golden share” giving the US government sweeping veto rights.

Aaron Bartnick, a former Cfius official during the Biden administration, said that further deals resembling the one for US Steel would mark a “meaningful shift” in America’s approach to capital markets, after decades of criticising other nations for taking golden shares in national champions.