The US government is expected to receive a golden share in the President Trump-backed $14 billion US Steel–Nippon Steel deal, which the Biden administration rejected on national security grounds.
Sen. Dave McCormick told CNBC this week that the golden share would essentially mean USS will have an American CEO, a majority US board, and a government veto on major decisions in the company.
Such changes could help gain deal approval from the Committee on Foreign Investment in the United States (Cfius). Japan-based Nippon had proposed the takeover of US Steel in December 2023.
President Donald Trump touted the arrangement as a “partnership” last Friday. The proposed deal includes a $14 billion commitment, of which $11 billion will be invested by 2028 across plants in Indiana, Arkansas, and more.