New York, New York - Nippon Steel and US Steel announced Wednesday they have completed a partnership deal in which the US government will essentially have veto power over significant decisions affecting US jobs.

The agreement modifies a transaction originally announced in December 2023 in which Nippon Steel of Japan had agreed to acquire US Steel for $14.9 billion.

But the outright acquisition of the iconic US company sparked bipartisan political opposition, including from President Donald Trump, whose administration worked with the companies on a revamped deal in which the US government will have a "golden share" of the company.

Trump, who railed against the proposed deal throughout the 2024 presidential campaign, last month announced a pivot he described in a May 23 social media post as a "planned partnership" in which Nippon pledged to invest billions of dollars and retain its headquarters in Pittsburgh.

Politicians MAGA Senator Mike Lee faces backlash after sharing insensitive posts about Minnesota shootings

On Wednesday, US Steel filed a notice with US securities regulators to delist its shares on the New York Stock Exchange. The NYSE halted trading, pointing to a "merger effective" order.

"The Companies have now completed the transaction as contemplated by their merger agreement," Nippon and US Steel said in a joint press release.

"The Companies have also entered into a National Security Agreement with the US Government, and US Steel will issue a Golden Share to the US Government."