Trump Says U.S. Has a 'golden Share' in US Steel
Reuters
The Nippon Steel logo is displayed at the company's East Nippon Works Kimitsu Area plant in Kimitsu, east of Tokyo on May 26.
WASHINGTON (Reuters) — U.S. President Donald Trump on Thursday said the United States has a 'golden share' in U.S. Steel X.N, as part of a deal for Nippon Steel 5401.T 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.
We have a golden share, which I control, the President controls, he told reporters at the White House. 'If that gives you total control, it's 51% ownership by Americans,' he added.
Nippon Steel and U.S. Steel did not immediately respond to requests for comment.
At a rally in Pennsylvania on May 30, Trump lauded an agreement between the companies and said Nippon Steel would make a 'great partner' for U.S. Steel. But he later told reporters the deal still lacked his final approval, leaving unresolved whether he would allow Nippon Steel to take ownership.
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