US President Donald Trump will directly control a special “golden share” as part of the national security agreement that cleared the path for Japan’s Nippon Steel to acquire US Steel, according to disclosures filed with the US Securities and Exchange Commission
As per news agency AP, this unique arrangement allows Trump, or a designee named by him, to veto key decisions involving the American steelmaker, a power that shifts to the treasury and commerce departments only when another individual holds the presidency.
The provision specifically names Trump and stipulates that “at any time when Donald J Trump is serving as President of the United States of America, the written consent of Donald J Trump or President Trump’s Designee” is required for certain decisions.
The deal, valued at nearly $15 billion, was finalised last week, making US Steel a wholly owned subsidiary of Nippon Steel. It also includes significant commitments from Nippon, such as investing $11 billion to modernise US Steel’s aging facilities. US Steel announced the merger completion in a joint statement with Nippon on June 13, adding that a golden share would be issued to the US government, as per news agency AFP.
While the White House has clarified that the golden share is not exclusive to Trump but to the sitting president, filings indicate the language is specific to Trump’s term in office, reported AP.
The agreement grants Trump sweeping authority over decisions related to domestic steel production. This includes the ability to veto any changes to capital investment commitments, relocation of production or jobs outside the US, closure of plants, mergers with competitors, or even renaming the company or moving its headquarters from Pittsburgh.
The national security agreement emerged after months of political backlash. Trump had initially opposed the deal during the 2024 campaign, aligning with labour unions and critics concerned about outsourcing and national interest.
However, he later recast the transaction as a “planned partnership” on social media, once Nippon agreed to stronger investment commitments and more government oversight.
Despite efforts to portray it as a partnership, the deal marks a full acquisition. On June 13, US Steel delisted from the New York Stock Exchange following confirmation of the merger.
While the full national security agreement has not been publicly released, filings and company statements outline its scope. The provision is seen as a way to ensure continued US oversight over strategic assets amid concerns about foreign control in key industries .
As per news agency AP, this unique arrangement allows Trump, or a designee named by him, to veto key decisions involving the American steelmaker, a power that shifts to the treasury and commerce departments only when another individual holds the presidency.
The provision specifically names Trump and stipulates that “at any time when Donald J Trump is serving as President of the United States of America, the written consent of Donald J Trump or President Trump’s Designee” is required for certain decisions.
The deal, valued at nearly $15 billion, was finalised last week, making US Steel a wholly owned subsidiary of Nippon Steel. It also includes significant commitments from Nippon, such as investing $11 billion to modernise US Steel’s aging facilities. US Steel announced the merger completion in a joint statement with Nippon on June 13, adding that a golden share would be issued to the US government, as per news agency AFP.
While the White House has clarified that the golden share is not exclusive to Trump but to the sitting president, filings indicate the language is specific to Trump’s term in office, reported AP.
The agreement grants Trump sweeping authority over decisions related to domestic steel production. This includes the ability to veto any changes to capital investment commitments, relocation of production or jobs outside the US, closure of plants, mergers with competitors, or even renaming the company or moving its headquarters from Pittsburgh.
The national security agreement emerged after months of political backlash. Trump had initially opposed the deal during the 2024 campaign, aligning with labour unions and critics concerned about outsourcing and national interest.
However, he later recast the transaction as a “planned partnership” on social media, once Nippon agreed to stronger investment commitments and more government oversight.
Despite efforts to portray it as a partnership, the deal marks a full acquisition. On June 13, US Steel delisted from the New York Stock Exchange following confirmation of the merger.
While the full national security agreement has not been publicly released, filings and company statements outline its scope. The provision is seen as a way to ensure continued US oversight over strategic assets amid concerns about foreign control in key industries .
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