Trump is already wielding his ‘golden share’ authority at U.S. Steel, overriding the company plans

The golden share – which was the necessity of vetoing some companies’ movements – was a condition for approving the White House to acquire Nipon Steel worth $ 14.1 billion of US steel in June. The president used this power to stop the closing of the planned factory in Granite City, ILL. , Wall Street Magazine I mentioned for the first time on Friday.

Two weeks ago, the United States told Steel the Granite City Factory and 800 workers that the operations would stop in November. The company planned to push employees, although steel production was closed.

But Trade Minister Howard Lootnik learned of the plan and called on the CEO of USL Steel Dev Burit, and told Exec that he would not allow operations to stop. magazine. Lootnick added that Trump will use a golden stake salad.

Lutnick described the US Steel plan to push employees although the factory does not work as “nonsense”, in an interview with the last CNBC.

Within a few days, the steel maker reflected a path, and he tells magazine “Our goal was to maintain flexibility, and we are pleased to find a solution to continue consumption in Granite City.”

The White House, the US Department of Commerce, and the American Steel immediately responded luck To comment.

Union leaders opposed the Nippon Steel acquisition, and they warned that the company would close the local factories and instead import foreign -made steel from other locations. But Trump enters companies to prevent this.

The National Security Agreement between the government and the Nippon Steel gives Trump’s authority to a set of changes, starting with factories closing and moving to salary adjustments and major operational transformations.

Another development in government control over private industrial decisions has defined.

NVIDIA and AMD agreed to pay 15 % of its sales of chips that were sold to China. Another example of the Trump deal is worth $ 8.9 billion with Intel, which makes the federal government the best contributor to the chips maker, and an agreement with MP materials that make the Ministry of Defense the main shareholder in the leading land mines in America.

Some analysts warn that investors may now have to have political risks ranging from organizational intervention to executive abuses.

But the concept of golden participation is not completely new. Governments in the United Kingdom, Brazil and China have long used arrangements similar to maintaining the influence in the specialized sectors, such as defense, aviation and infrastructure.

But the American move is noticeable for the huge scope: While the Foreign Investment Committee in the United States previously imposed security conditions on the integration operations, the Trump agreement extends further, which gives presidential supervision on wide operational decisions.

The intervention of the city of granite may be a temporary postponement of employees and the local economy.

“We need a future,” said Craig Makki, president of the company United Steelworsers Local 1899 at Granite City. Wall Street Journal. “All they give us, we are ready to do the work.”

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