Security, Sovereignty, and Steel
The golden share — a single, permanent preferred share — grants the president broad consent rights, effectively blocking foreign control over plant closures, relocations, or strategic shifts. It’s a tool rarely wielded in U.S. corporate governance and underscores rising scrutiny of foreign investment amid national security concerns.
While former President Joe Biden blocked the deal in January, citing credible national security risks, Trump’s June 13 executive order reversed that stance, asserting that the agreement’s provisions adequately mitigate those risks.
U.S. Steel will retain its name, its Pittsburgh headquarters, and an all-American management team. The board will remain under U.S. control, with Takahiro Mori of Nippon taking over as board chair.
Union Tensions Simmer Beneath the Surface
Despite the celebratory tone from company executives and federal officials, opposition remains fierce from labor leaders. United Steelworkers (USW) President David McCall released a blistering statement slamming the deal’s implications for job security and executive power.
“Through this transaction, President Trump now holds startling personal power over a corporation,” McCall said. “Our hard-earned benefits and job security are not for sale — and we will fight if they are ever threatened.”
The USW contract with U.S. Steel expires in September 2026, setting the stage for potentially contentious negotiations if the partnership strays from its promises.
