Trump administration unveils ‘golden share' terms in US Steel-Nippon deal
The Trump administration has publicly detailed how it plans to exercise control over US Steel under a controversial agreement with Japan's Nippon Steel. The new disclosures build on an executive order signed earlier by President Donald Trump, which approved the foreign investment under a national security agreement.
The latest update reveals the terms of a 'golden share' — a special stake granting the US President sweeping powers over the private steelmaker's operations.
Commerce Secretary Howard Lutnick took to social media on Saturday to outline the government's powers under the golden share arrangement.
The terms include:
'The Golden Share held by the United States in US Steel has powerful terms that directly benefit and protect America, Pennsylvania, the great steelworkers of US Steel, and US manufacturers,' Lutnick wrote on X.
President Trump has secured a perpetual Golden Share as part of Nippon Steel's acquisition of U.S. Steel. This partnership between the United States and Nippon Steel includes historic $14 billion investment in U.S. Steel by Nippon Steel that will revitalize this strategic and…
— Howard Lutnick (@howardlutnick) June 14, 2025
Lutnick also stated that even changes to the company's investment timeline — including a reported $14 billion in planned investments — would require presidential approval. This figure exceeds the $11 billion investment figure disclosed earlier in a joint statement by US Steel and Nippon Steel.
Nippon Steel first announced its bid to acquire US Steel in December 2023, facing initial opposition from both then-President Joe Biden and Donald Trump, who each advocated for US-based ownership.
In January 2025, President Biden blocked the deal citing national security concerns, prompting lawsuits from Nippon alleging unfair treatment. However, after returning to office, Trump reversed course and signed the executive order approving the transaction under strict new conditions, including the golden share.
According to The Financial Express, the White House emphasised that while the Committee on Foreign Investment in the United States (CFIUS) found 'credible evidence' of potential national security risks, they could be 'adequately mitigated' through this agreement.
The United Steelworkers (USW), which represents US Steel employees, criticised Trump for reversing his previous opposition to foreign ownership. 'Neither the government nor the companies have publicly identified what all the terms of the proposed transaction are,' the USW said in a letter posted on Sunday.
The union called the move disappointing and noted that its current labor agreement will expire on September 1, 2026. It vowed to push for a fair contract with the new ownership, warning that Trump's control could put him in a delicate position during union negotiations ahead of the midterms.
Earlier this month, on June 5, Nippon Steel and the US government requested a pause on ongoing litigation, suggesting they are nearing finalisation of the agreement under the new national security framework.
(With inputs from AP, The Financial Express)
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