Trump Activates ‘Golden Share’ to Save U.S. Steel Plant from Shutdown, WSJ Reveals

U.S. Steel’s Granite City plant was set to close, putting nearly 800 jobs on the line. But then something unexpected happened: the Trump administration stepped in.

Using newly acquired authority related to U.S. Steel’s recent $14.1 billion takeover by Japan’s Nippon, President Trump invoked “golden share” rights. This power allows the government to block certain corporate decisions, especially those viewed as critical to national security.

Initially, company leaders had informed workers that the plant would shut down in November but reassured them they would still be paid. However, following a warning from Commerce Secretary Howard Lutnick, U.S. Steel quickly reversed its decision. They announced that operations would continue, helping to stabilize jobs in the area.

This incident highlights how the Trump administration is taking a more active role in the private sector. Just last month, the President mentioned that the government would take a 10% stake in Intel, further showcasing his strategy to support critical industries in America.

Experts suggest that this kind of government intervention reflects a growing trend in U.S. economic policy, particularly in crucial sectors like steel and technology. A recent survey found that 70% of American voters support increased government oversight in major industries to protect jobs and maintain national security.

Moreover, the deal with Nippon included promises to keep U.S. Steel’s furnaces running at full capacity for at least a decade, assuring workers of job stability with no outsourcing. Workers were even promised bonuses of $5,000.

As discussions about tariffs with Japan continue, many are watching closely. Social media buzz shows a mix of support and skepticism about government involvement in corporate decisions. While some see it as a necessary step to safeguard American jobs, others warn it might set a concerning precedent for government overreach.

For more insights into these developments, you can read the full article from The Wall Street Journal.

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