US Government Blocks US Steel Plant Shutdown Using Golden Share Authority

The U.S. government, under President Donald Trump's administration, has invoked a "golden share" authority to block United States Steel Corp. from shutting down its Granite City plant in Illinois. This authority, granted as part of the $14.1 billion acquisition of U.S. Steel by Japan's Nippon Steel Corp., gives the president veto power over key management decisions such as plant closures. U.S. Steel had planned to halt operations at the plant in November, maintaining about 800 employees on payroll for maintenance tasks, but reversed the decision after Commerce Secretary Howard Lutnick informed the company that the shutdown would not be approved. The golden share was a condition for the approval of the takeover, ensuring continued U.S. involvement in the company's strategic decisions to protect jobs and production. The move has political significance as Pennsylvania, the headquarters of U.S. Steel, is a key battleground state, and Trump’s reversal in support of the deal included commitments by Nippon Steel to invest an additional $11 billion by 2028. Nippon Steel officials have stated they are not in conflict with the U.S. government regarding the decision.