Nippon Steel’s Investors Begin to Count the Cost of US Win

After a year and a half of government talks, countless regulatory hiccups and last-minute negotiations, Nippon Steel Corp. secured its much-wanted prize late last week when President Donald Trump approved the $14.1 billion purchase of United States Steel Corp.

Now the Japanese giant’s shareholders will begin to weigh up the benefits of its biggest ever overseas bet. But they’ll also be keeping a watchful eye on the costs, which include the promise to invest $14 billion over the coming years and significant concessions to the US government, which will hold a so-called “golden share” that leaves Washington with a say in major decisions and control over some board seats.