Trump: 'We have a golden share' in US Steel
US President Donald Trump has indicated that his country's government has a "golden share" in US Steel as part of a deal for Japan's Nippon Steel to acquire the American company.
The holder of a golden share can veto selections and dismissals of board members and other important matters related to a company that has issued it.
Trump spoke at the White House on Thursday. He said, "We have a golden share, which I control, or the president controls." He added, "It's 51-percent ownership by Americans."
Trump is also believed to have referred to Nippon Steel when he said: "We have a company, great company. They're coming in from Japan. They're going to spend 17 billion dollars."
Trump is believed to have revealed the amount of money Nippon Steel plans to invest in US Steel. It marked a rise of 3 billion dollars from the figure he disclosed during a speech in the eastern state of Pennsylvania on May 30. It remains unclear where the increase came from.
Nippon Steel has been aiming to turn US Steel into a wholly owned subsidiary under the buyout plan.
In January, then-US President Joe Biden blocked the plan, citing national security concerns. But in April, Trump instructed the Committee on Foreign Investment in the United States to conduct a fresh review.
The committee finished its reexamination and reported it to Trump.
A decision is expected soon, as the contract between the two companies is due to expire on Wednesday.
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