Nippon Steel's $14.9 billion acquisition of U.S. Steel closed on Wednesday, the companies said, confirming an unusual degree of power for President Donald Trump after the Japanese company's 18-month struggle to close the purchase.

Japan-based Nippon Steel on Wednesday completed its buyout of U.S. Steel, changing its name to Nippon Steel North America, as the former U.S. industrial giant ended trading on Wall Street under its former brand name.

Nippon Steel and US Steel have completed a partnership deal in which the US government will essentially have veto power over decisions affecting US jobs.