Trump gets ‘golden share’ power in US Steel buyout. US agencies will get it under future presidents
Harrisburg, Pa. (AP) – President Donald Trump According to statements with the US Securities and Stock Exchange Commission, Japan -based Nippon Steel will control the “Gold Share olan, which is part of the national security agreement, which is allowed to acquire iconic American steel manufacturer Us Steel.
Provision It gives the president the authority to appoint a member of the Board of Directors and affects the production of domestic steel and competition with overseas 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.
Trump tried to characterize the acquisition as a “partnership” between the two companies after promising at first. Prevent the agreement – as former president Joe Biden He came out of the White House – before change the idea After becoming president.
. National Security Agreement According to statements, it entered into force on June 13, and Nippon Steel and the Federal Government represented by the American subsidiary and the 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.
Follow-up Nippon steel He was dragged for a year and a half, national security concerns, opposition by United Steel Workers and presidential policy In the leading Battleground state of Pennsylvania, where the US steel is the center of the US steel.
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.
