LG eyes more US production, cutback in tariff-hit Vietnam
SEOUL -- LG Electronics is considering boosting capacity in the U.S. while scaling back manufacturing in Vietnam in response to the Trump administration's sweeping tariff policy.
The aim is to minimize the U.S. trade war's impact on the South Korea company's North American business, LG's second-biggest market after its home country, as higher material costs erode profit.
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Japan Today
an hour ago
- Japan Today
Trump says U.S. Steel controlled by him with 'golden share'
The United States has a "golden share" in United States Steel Corp, President Donald Trump said Thursday, adding it will be controlled by him after Nippon Steel Corp's massive investment in the iconic American producer. "We have a golden share, which I control, or a president controls. Now I'm a little concerned whoever the president might be, but that gives you total control," Trump said at a White House event. Trump also said, "It's 51 percent ownership by Americans." But he did not provide details on how the deal between the major Japanese steelmaker and the struggling American company is structured, leaving investors and many other people confused. A golden share is a type of stock that gives veto power over major management decisions, such as slashing production capacity. But it was not immediately clear how such a share would allow a controlling stake in U.S. Steel to be owned by Americans. Nippon Steel has sought to make U.S. Steel a wholly owned subsidiary. In late May, a senator from Pennsylvania, where U.S. Steel is headquartered, said the Japanese company had pledged to ensure most board members in the American producer would come from the United States. As a condition for permitting Nippon Steel to partner with U.S. Steel, Pennsylvania Sen Dave McCormick told CNBC that the U.S. government is poised to receive the special type of stock. "The control structure is going to be somewhat unique. It's a national security agreement that will be signed with the U.S. government," the Republican senator said. "There'll be a golden share that will essentially require U.S. government approval of a number of the board members, and that will allow the United States to ensure production levels aren't cut." During a speech at a U.S. Steel plant in Pennsylvania on May 30, Trump heaped praise on Nippon Steel over what he views as its partnership deal with U.S. Steel, and offered backing for the Japanese company's $14 billion investment into the American producer. At the time, he also said, "Most importantly, U.S. Steel will continue to be controlled by the USA." © KYODO
The Mainichi
an hour ago
- The Mainichi
Trump says US Steel controlled by him with "golden share"
WASHINGTON (Kyodo) -- The United States has a "golden share" in United States Steel Corp., President Donald Trump said Thursday, adding it will be controlled by him after Nippon Steel Corp.'s massive investment in the iconic American producer. "We have a golden share, which I control, or a president controls. Now I'm a little concerned whoever the president might be, but that gives you total control," Trump said at a White House event. Trump also said, "It's 51 percent ownership by Americans." But he did not provide details on how the deal between the major Japanese steelmaker and the struggling American company is structured, leaving investors and many other people confused. A golden share is a type of stock that gives veto power over major management decisions, such as slashing production capacity. But it was not immediately clear how such a share would allow a controlling stake in U.S. Steel to be owned by Americans. Nippon Steel has sought to make U.S. Steel a wholly owned subsidiary. In late May, a senator from Pennsylvania, where U.S. Steel is headquartered, said the Japanese company had pledged to ensure most board members in the American producer would come from the United States. As a condition for permitting Nippon Steel to partner with U.S. Steel, Pennsylvania Sen. Dave McCormick told CNBC that the U.S. government is poised to receive the special type of stock. "The control structure is going to be somewhat unique. It's a national security agreement that will be signed with the U.S. government," the Republican senator said. "There'll be a golden share that will essentially require U.S. government approval of a number of the board members, and that will allow the United States to ensure production levels aren't cut." During a speech at a U.S. Steel plant in Pennsylvania on May 30, Trump heaped praise on Nippon Steel over what he views as its partnership deal with U.S. Steel, and offered backing for the Japanese company's $14 billion investment into the American producer. At the time, he also said, "Most importantly, U.S. Steel will continue to be controlled by the USA."
Nikkei Asia
5 hours ago
- Nikkei Asia
Trump says US has a 'golden share' in US Steel
WASHINGTON (Reuters) -- U.S. President Donald Trump on Thursday said the United States has a "golden share" in U.S. Steel as part of a deal for Nippon Steel to buy the iconic American company. It was not immediately clear what structural element of the deal Trump was referring to, but he said the share meant that Americans would have a 51% ownership in the American steelmaker.
