Nippon Steel acquired U.S. Steel a year ago with an $11 billion investment pledge by 2028. Currently, less than $200 million has been invested by the end of March, with an expected total of $580 million by August for approved projects. Nippon has reaffirmed its commitment to the full $11 billion, but details for the remaining amount are unclear. The Biden administration initially blocked the deal on national security grounds, which later dissipated. Former President Trump opposed the acquisition but became receptive after Nippon increased its investment and offered a "golden share" for governance rights. Nippon appears to have stabilized U.S. Steel and maintained its workforce, projecting significant profits. Trump's steel tariffs have bolstered domestic steel producers, though overall construction spending has been modest. The U.S. government has not yet utilized the "golden share" for management decisions. Despite Nippon's pledges, its shares have been largely flat, while its U.S. ADRs have declined. Nippon faces financial pressure from the acquisition, with its leverage tripling and S&P issuing a negative outlook. Union officials remain skeptical, awaiting concrete evidence of Nippon's promised investments. U.S. Steel is now waiting for Nippon Steel to fulfill its substantial financial commitments.