Just when U.S. Steel thought the ink had dried on its new future with Japan’s Nippon Steel, the company ran into a political reality check: President Donald Trump’s administration and its new “golden share” authority.
The golden share—essentially a veto power over certain corporate moves—was a condition for White House approval of Nippon Steel’s $14.1 billion acquisition of U.S. Steel in June. The president used this power to halt a planned plant shutdown in Granite City, Ill., The Wall Street Journal first reported on Friday.
