Trump Golden Shares American Steel

The Trump administration intervened to prevent US Steel from idle operations at the slower in its Granite City factory, Illinois, exercising new powers related to the recent takeover of the company, reported the Wall Street Journal.

The Aciérien had informed nearly 800 workers that the factory would close in November, noting, however, that they would always be paid. But after the Secretary of Commerce, Howard Lutnick, warned CEO Dave Burritt, the administration would not allow it, overthrows US Steel, saying that the installation would continue to roll sheets in sheet metal, reported the newspaper, citing a person familiar with the case.

The intervention marked the first use by Trump of the so-called “Golden share” rights, a condition for taking control of $ 14.1 billion by the Japanese Japanese who erased in June. The National Security Agreement gave the veto of the White House on plant closings, offshore production quarters and other strategic decisions.

“US Steel will continue to provide Granite City slabs,” US Steel spokesperson told CNBC. “Our objective was to maintain flexibility, and we are delighted to have found a solution to continue with consumption slabs at Granite City.”

This decision highlights Trump’s growing hand in the private sector. Last month, the president said that the government would take a 10% stake in Intel after the flea manufacturer received billions of subsidies under the 2022 flea law.

In June, when the agreement was announced, Trump told us to steel workers that Japanese would be a “big partner”. The Trump administration is currently engaged in trade discussions with Japan while investors are impatiently awaiting signs that the United States will conclude key partner agreements that avoid steep rates.

Trump told the sidepers that Japanese had agreed to keep the high stoves of us Steel working at full capacity for at least 10 years. The president said that the agreement would not have led to layoffs and promised that there would be “no outsourcing”. At the time, he said workers would receive a bonus of $ 5,000.

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