As part of the finalized national security agreement approving the $15 billion acquisition of US Steel by Japan-based Nippon Steel, President Donald Trump will temporarily hold special oversight powers known as a “golden share,” according to disclosures filed with the US Securities and Exchange Commission, the Associated Press reports.
The agreement, which became effective on June 13, grants Trump — or someone he designates — the authority to appoint a board member and to approve or block certain decisions involving US Steel’s domestic operations. This includes changes to the company’s capital commitments, plant closures, job transfers, and key trade or labor policies.
Under the terms of the agreement, this authority remains with Trump only while he is serving as president. Once another president takes office, the decision-making powers associated with the golden share will shift to the Treasury and Commerce Departments — collectively referred to in the filings as the “CMAs.”
The White House clarified in a statement that the provision does not grant Trump exclusive or permanent powers, but rather assigns them to the sitting president. However, the wording of the agreement specifically names Donald J. Trump, stating that certain decisions cannot be made without “the written consent of Donald J. Trump or President Trump’s Designee” during his term.
Nippon Steel’s purchase of Pittsburgh-based US Steel follows months of regulatory scrutiny and political debate. Originally opposed by both Trump and former President Joe Biden over national security and economic concerns, the deal was eventually approved after significant revisions — including the golden share clause and a commitment by Nippon Steel to invest $11 billion in modernizing US Steel’s facilities.
US Steel, now a wholly owned subsidiary of Nippon Steel, is expected to benefit from new technological resources and upgraded production capabilities. The combined entity becomes the world’s fourth-largest steelmaker, joining a market long dominated by Chinese producers.
While the complete national security agreement has not been publicly released, details disclosed in securities filings outline the scope of Trump’s temporary oversight. The agreement prevents actions such as renaming US Steel, relocating its headquarters, reducing domestic operations, or acquiring competing firms without presidential or agency approval.
The agreement reflects the delicate balance between foreign investment, domestic industry protection, and political oversight — particularly as steelmaking remains a politically charged topic, especially in swing states like Pennsylvania, where US Steel is headquartered.
Trump has described the outcome as a “partnership,” despite initially vowing to block the acquisition.
