Trump gets golden share power in US Steel buyout. US agencies will get it under future presidents
Harrısburg, PA.-President Donald Trump, according to statements made with the US Securities and Stock Exchange Commission, Japan-based Nippon Steel will control the “Share Gold”, which is part of the national security agreement, which allows the iconic American steel manufacturer USA Steel to buy Steel.
The provision authorizes the President to appoint a member of the Board of Directors and affects domestic steel production and competition with international producers in the company decisions.
Under the provision, Trump-or to controls the decision-making power when he is a president he has determined. However, according to the applications, the control over these powers returns to the Treasury Department and Trade Department when another president becomes president.
On Wednesday, the White House did not immediately respond to why Trump would directly control the decision -making and why it caused the treasury and trade departments under future presidents.
Nippon Steel’s purchasing US Steel based on a Pittsburgh -based $ 15 billion was final last week and made us a fully owned subsidiary.
After promising to block the agreement at first, Trump tried to characterize it as a “partnership” between the two companies before changing his mind after changing his mind – as former President Joe Biden did when he left the White House.
The National Security Agreement entered into force on June 13 and between Nippon Steel and the Federal Government represented by the American subsidiary and trade and treasury departments.
US Steel said on Wednesday that the full national security agreement was not explained to the public, and that it was mentioned in the statements made by companies and in the securities asset files.
Nippon Steel’s search, national security concerns, opposition by United Steel Workers, and the headquarters of Pennsylvania’s leading Battleground state were weighed by the presidential policy.
The United Company will be the world’s fourth largest steel manufacturer in a industry dominated by Chinese companies, and will bring Nippon Steel’s first -class technology to the US Steel’s antique steel production processes and the commitment to invest $ 11 billion to raise US steel facilities.
The permanent prevention of the agreement forced Nippon Steel to sweeten the agreement.
This included raising capital commitments in the US steel plants and adding gold sharing, giving Trump the right to assign an independent director and veto power on certain issues.
These issues include discounts on Nippon Steel’s capital commitments in the National Security Agreement; Changing US Steel’s name and headquarters; Closing or idle of US steel plants; Transferring production or transmission of jobs outside the US; To buy competitors in the USA; and some decisions on trade, labor and supply outside the USA
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This article was created from an automatic news agency feeding without changing the text.
