U.S. Steel isn't just getting nationalized. It's getting…personalized?
President Donald Trump will personally control the so-called "golden share" that his administration has forced U.S. Steel to accept as part of the terms of a deal that will see the previously private company get acquired by Japan-based Nippon Steel. It's an utterly absurd arrangement—one that will leave the federal government with a controlling share of U.S. Steel even after Trump leaves office—that gives Trump the power to block future attempts by U.S. Steel to relocate its headquarters or make changes to its production facilities.
Documents filed this week with the Securities and Exchange Commission (SEC) spell out the specifics of the deal. Trump must provide "written consent" before U.S. Steel will be allowed to change its name, relocate its headquarters, reduce or alter any planned capital investments, "close, idle, or sell" its existing plants, or attempt to acquire any part of a competing business.
