By Mark Levy
HARRISBURG, Pa. (AP) – President Donald Trump will manage the so-called “golden share,” part of a national security agreement that allowed Japan-based Nippon Steel to acquire iconic American steel maker US Steel, according to a disclosure by the U.S. Securities and Exchange Commission.
This provision gives the President the authority to appoint members of the board and to speak out on decisions of companies that will affect domestic steel production and competition with overseas producers.
Under the regulations, Trump, or someone he designates, controls his decision-making power while he is president. However, according to the submission, if someone else is the president, control of these powers will return to the Ministry of Finance and Commerce.
The White House did not immediately respond to questions Wednesday about why Trump has direct control over decisions and why he goes to the Treasury and Commerce Departments under a future president.
Nippon Steel’s nearly $15 billion acquisition of Pittsburgh-based US steel was finalised last week, with Steel becoming a wholly owned subsidiary.
Trump sought to characterize the acquisition as a “partnership” between the two companies after he vowed to block the deal first before he changed his mind after becoming president, just as former President Joe Biden left the White House.
The National Security Agreement came into effect on June 13th and is between Nippon Steel, its American subsidiary and the federal government, and according to disclosure, it is represented by the Ministry of Commerce and the Ministry of Finance.
The full national security agreement has not been made public, but aspects are outlined in statements and securities applications made by the company, US Steel said Wednesday.
Nippon Steel’s pursuit was dragged out for a year and a half, overwhelmed by national security concerns, opposition by unified steel workers on the best battlefields of Pennsylvania, headquartered by US steel, and presidential politics.
The combined company will become the world’s fourth-largest steel manufacturer in a Chinese-dominated industry, bringing a commitment to upgrading US steel facilities by $11 billion, what analysts say is Nippon Steel’s top notch technology, adding what it says is US obsolete steel manufacturing processes.
The possibility that a transaction could be blocked forever forced Nippon Steel to sweeten the transaction.
This gave Trump the right to raise capital commitments at US steel facilities, add provisions for golden shares, and appoint independent directors and veto on certain issues.
These issues include reducing Nippon Steel’s capital commitments in the national security agreement. Changes to US steel names and headquarters. Close or idle steel plants. Transferring production or employment outside the United States. Buy competing businesses in the US. and specific decisions regarding trade, labor and procurement outside the US
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Original issue: June 25th, 2025, 7:13pm EDT
