Golden-Share Clause Lets President Oversee U.S. Steel Operations
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SEC filings show President Donald Trump will personally hold a “golden share” giving him the right to name a board member and veto moves such as plant closures, job cuts or offshore production at newly merged Nippon Steel–U.S. Steel. Future presidents cede that power to Treasury and Commerce, but the agreement’s wording ties it to Trump during his term.
The clause helped overcome union resistance and national-security worries about the $14.9 billion takeover of the 123-year-old Pittsburgh icon. It also locks in an $11 billion U.S. investment program through 2028, promising upgrades to antiquated mills and the safeguarding of domestic capacity amid tariff battles with China.
Critics question political influence over a private board, yet supporters say the golden share merely formalizes oversight that Washington already wields through CFIUS. Either way, Nippon Steel now becomes the world’s fourth-largest producer—and America’s steel sector gains both modern tech and a presidential back-seat driver.
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