Lutnick: US Steel 'golden share' provides US oversight, protection
US Commerce Secretary Howard Lutnick has provided details on the scope of the government's golden share in US Steel after its acquired by Japan's Nippon Steel.
Lutnick wrote in a social-media post that the share gives President Donald Trump or his designee the authority to block certain management actions.
These include moving the steelmaker's headquarters from Pittsburgh, Pennsylvania, or changing the company name.
Lutnick said the share prevents reduction or delay in the Japanese company's 14-billion-dollar commitment to upgrade US Steel facilities. It also provides veto power over the transfer of production or jobs outside the US.
Nippon Steel on Saturday announced that Trump had approved the acquisition. The two companies signed a National Security Agreement with Washington, which includes the golden share.
The acquisition will bring to an end 18-months of wrangling over the takeover, which faced political opposition during last year's presidential election. Investors will now be looking for evidence of the deal's benefits to Nippon Steel.
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