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Trump Halts US Steel Plant Closure Using 'Golden Share' Authority: Report - Nippon Steel (OTC:NPSCY)
The Trump administration exercised national-security veto rights to protect nearly 800 jobs and maintain steel production at the Granite City plant, reversing closure plans.
- On September 19, 2025, President Donald Trump invoked his 'golden share' veto authority to block the intended shutdown of a steel manufacturing facility in Granite City, Illinois, which provides jobs for 800 employees.
- The intervention came after Nippon Steel completed its $14.1 billion purchase of U.S. Steel in June, a deal that included a national security agreement granting the U.S. government veto rights over significant corporate decisions.
- Commerce Secretary Howard Lutnick contacted U.S. Steel CEO Dave Burritt to demand continued operations, leading the company to reverse its plan to shut down the plant and pay workers despite idling production.
- Union leader Craig McKey expressed the workers' readiness to fulfill any tasks assigned to them, and employees were assured a $5,000 bonus as the company sought to preserve operational flexibility and continue slab consumption at Granite City.
- This action underscores growing political risk in the steel industry as government intervention preserves jobs locally but may alter investor expectations regarding regulatory and executive influence.
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Hartford CourantReposted by 
TelegraphHerald.com
TelegraphHerald.comTrump officials blocked US Steel from stopping work at plant
By Doug Alexander and Josh Wingrove, Bloomberg News The United States blocked U.S. Steel Corp.’s plan to stop production at a plant in Illinois, according to a Trump administration official, a move highlighting the federal government’s continued influence over an iconic American firm after approving its takeover by Japan-based Nippon Steel Corp. The action, first reported by The Wall Street Journal on Friday, was confirmed by an official on cond…
·Hartford, United States
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Coverage Details
Total News Sources12
Leaning Left1Leaning Right1Center8Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
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