US STEEL SHOCK: Government Grabs Control in Nippon Deal
— The U.S. government will keep tight control over U.S. Steel after Japan’s Nippon Steel agreed to buy the company for $14.9 billion. Senator Dave McCormick says a “golden share” gives Washington veto power over big decisions, easing fears about foreign ownership and national security.
The agreement promises an American CEO, a mostly U.S.-based board, and direct federal oversight of key operations. Nippon Steel also plans to invest $2.4 billion to upgrade plants and create thousands of jobs in Pennsylvania, giving local industry a boost.
President Trump now backs the deal — as long as headquarters stay in Pittsburgh and American control is locked in by the golden share rule. He called it an “investment” that keeps power with the USA, hoping this will calm critics from both parties.
Still, some lawmakers are wary about letting any foreign company near such a vital industry. Many are watching this deal closely as it could become a blueprint for protecting American interests during future foreign takeovers of important companies.
