President Donald Trump will have a unique impact on US steel operations under conditions What the White House call “investment” Japan -based Nippon Steel is being manufactured in the iconic American steel maker.
Over the past few days, administration officials gave an additional view of the “golden session” that the federal government has taken as a condition to support the deal.
Nippon Steel -based steel plan plans 11 billion dollars in new investments by 2028 after indicating that they are planning to move forward in the deal under the conditions of the National Security Agreement that enjoys the approval of the White House.
The White House described the deal as a “partnership” and “investment” by Nippon Steel in Us Steel, although Nippon Steel has never retracted its announced intention of buying and controlling American steel as a fully -owned company in a offer of approximately $ 15 billion in late 2023.
On Saturday, the Minister of Commerce, Howard Lootnick, posted on Saturday how the “golden share” will hold the president, and revealed that the White House is ready to include himself strongly in the affairs of a private company even with the same time pledged to strip government regulations so that companies can expand.
Under government conditions, it will be impossible without Trump’s approval to transfer the United States headquarters Steel from Pittsburgh, and change the company’s name, “transfer production or jobs outside the United States”, shutter factories, or redirect business abroad, among other powers carried by the president.
Lootnick also said it requires presidential approval to reduce or delay $ 14 billion in planned investments.
“The US -held golden share in the United States Steel has strong conditions that benefit from America, Pennsylvania, large steel workers in the United States, and American manufacturers who will get a large expansion to reach locally produced steel,” Lottenic posted on x.
This figure of $ 14 billion is higher than the companies revealed on Friday when Trump created a way to invest in executive order based on the conditions of the National Security Agreement that is accepted.
Legislators from Pennsylvania say that the highest number includes the cost of an electric arc oven – a more modern steel factory that melts scrap – that Nippon Steel wants to build in the United States, which amounts to the value of the deal to at least $ 28 billion.
The President has the power to name one of the three independent managers of the Companies Council and the force of veto the other two options, according to a person familiar with the terms of the agreement, who insisted on not revealing his identity for their discussion. The details of the painting structure were first reported by the New York Times.
The details of the agreement appeared as Trump was traveling to Alberta in Canada for the seven summit group.
However, the full conditions are still somewhat clear. Companies have not announced the full conditions for the acquisition of Nippon Steel to USEL or the National Security Agreement with the federal government.
On Sunday, United Steel workers, the labor union, which represents American steel employees, published a letter raising questions about the deal that Trump formulated, whoDuring his careerFor the presidencyI pledged to prevent youThe acquisition of Nippon Steel from Us Steel.
The Union said he was “disappointed” Trump “reversed the path” and raised basic questions about the American steel structure.
The message said: “The government nor the companies publicly defined what are all the conditions for the proposed treatment.” “The work agreement will end next year, on September 1, 2026, and USW and its members are ready to involve the new owners” from the United States “to obtain a fair contract.”
If Trump took control of the American steel as he claimed, this may lead to putting it in a precise position to negotiate the salary and benefits of union steel workers who enter the medium renewal elections.
As a president, Joe Biden used his authorityThe acquisition of Nippon SteelWe are steel on his way out of the White House after reviewing the foreign investment committee in the United States.
After his election, TrumpExpress opennessTo put an order and another review by the committee. This is when the idea of the “golden session” appeared as a means of solving national security concerns and protecting American interests in the production of local steel.
It also sought to beat US officials, Nippon Steel provided a series of obligations.
He – sheGraduallyThe amount of money that I pledged to invest in the United States steel, promised to maintain a steel headquarters in Pittsburgh, put steel under a plate with most American citizens and maintain plants operating.
It also mentioned that it will protect the interests of the American steel in commercial issues and will not import steel plates that will compete with the melting ovens in the United States in Pennsylvania and Indiana.
This story was originally shown on Fortune.com
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