Internewscast Journal
  • Home
  • US News
  • Local News
  • Health
  • People
  • Guest Post
  • Support Our Cause
Internewscast Journal
  • Home
  • US News
  • Local News
  • Health
  • People
  • Guest Post
  • Support Our Cause
Home Local news Trump Administration Outlines US Steel Oversight Plan, Union Voices Concerns
  • Local news

Trump Administration Outlines US Steel Oversight Plan, Union Voices Concerns

    Trump administration offers some details of how it would control US Steel, but union raises concerns
    Up next
    Calls for Australia to place tax on fast fashion brands like Temu, Shein
    Australia Urged to Implement Tax on Fast Fashion Retailers like Temu and Shein
    Published on 16 June 2025
    Author
    Internewscast
    Tags
    • administration,
    • Business,
    • but,
    • concerns,
    • control,
    • Details,
    • Donald Trump,
    • how,
    • howard lutnick,
    • offers,
    • raises,
    • some,
    • steel,
    • Trump,
    • Union,
    • Washington news,
    • Would
    Share this @internewscast.com
    FacebookXRedditPinterest

    CALGARY, AB – President Donald Trump would wield considerable influence over U.S. Steel operations due to an “investment” by Japan-based Nippon Steel, as defined by the White House.

    In recent days, administration officials have further explained the “golden share” condition, which the government set for agreeing to this partnership.

    The Pittsburgh-headquartered steel manufacturer and Nippon Steel are committing to $11 billion in new investments by 2028, following approval to proceed with the deal under a national security agreement endorsed by the White House.

    The White House has described the deal as a “partnership” and an “investment” by Nippon Steel in U.S. Steel, although Nippon Steel has never backed off its stated intention of buying and controlling U.S. Steel as a wholly owned subsidiary in a nearly $15 billion offer it originally made in late 2023.

    Commerce Secretary Howard Lutnick posted on social media on Saturday how the “golden share” to be held by the president would operate, revealing that the White House is willing to insert itself aggressively into a private company’s affairs even as it has simultaneously pledged to strip away government regulations so businesses can expand.

    Under the government’s terms, it would be impossible without Trump’s consent to relocate U.S. Steel’s headquarters from Pittsburgh, change the name of the company, “transfer production or jobs outside the United States,” shutter factories, or reincorporate the business overseas, among other powers held by the president.

    Lutnick also said it would require presidential approval to reduce or delay $14 billion in planned investments.

    “The Golden Share held by the United States in U.S. Steel has powerful terms that directly benefit and protect America, Pennsylvania, the great steelworkers of U.S. Steel, and U.S. manufacturers that will have massively expanded access to domestically produced steel,” Lutnick posted on X.

    That $14 billion figure is higher than what the companies disclosed on Friday when Trump created a pathway for the investment with an executive order based on the terms of the national security agreement being accepted.

    Lawmakers from Pennsylvania say the higher figure includes the cost of an electric arc furnace — a more modern steel mill that melts down scrap — that Nippon Steel wants to build in the U.S., bringing the value of the deal to at least $28 billion.

    The president has the authority to name one of the corporate board’s independent three directors and veto power over the other two choices, according to a person familiar with the terms of the agreement who insisted on anonymity to discuss them. The details of the board structure were first reported by The New York Times.

    Details of the agreement emerged as Trump was traveling to Alberta in Canada for the Group of Seven summit.

    Still, the full terms remain somewhat unclear. The companies have not made public the full terms of Nippon Steel’s acquisition of U.S. Steel or the national security agreement with the federal government.

    On Sunday, the United Steelworkers, the labor union representing U.S. Steel employees, posted a letter raising questions about the deal forged by Trump, who during his run for the presidency had pledged to block Nippon Steel’s acquisition of U.S. Steel.

    The union said it was “disappointed” that Trump “has reversed course” and raised basic questions about the ownership structure of U.S. Steel.

    “Neither the government nor the companies have publicly identified what all the terms of the proposed transaction are,” the letter said. “Our labor agreement expires next year, on September 1, 2026, and the USW and its members are prepared to engage the new owners” of U.S. Steel “to obtain a fair contract.”

    If Trump has as much control of U.S. Steel as he has claimed, that could put him in the delicate position of negotiating the salary and benefits of unionized steelworkers going into midterm elections.

    As president, Joe Biden used his authority to block Nippon Steel’s acquisition of U.S. Steel on his way out of the White House after a review by the Committee on Foreign Investment in the United States.

    After he was elected, Trump expressed openness to working out an arrangement and ordered another review by the committee. That’s when the idea of the “golden share” emerged as a way to resolve national security concerns and protect American interests in domestic steel production.

    As it sought to win over American officials, Nippon Steel made a series of commitments.

    It gradually increased the amount of money it was pledging to invest in U.S. Steel, promised to maintain U.S. Steel’s headquarters in Pittsburgh, put U.S. Steel under a board with a majority of American citizens and keep plants operating.

    It also said it would protect the interests of U.S. Steel in trade matters and it wouldn’t import steel slabs that would compete with U.S. Steel’s blast furnaces in Pennsylvania and Indiana.

    ___

    Levy reported from Harrisburg, Pennsylvania.

    Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

    Share this @internewscast.com
    FacebookXRedditPinterest
    You May Also Like
    Asian shares are mostly higher after China-US talks end without a trade deal
    • Local news

    Asian Markets Mostly Rise Following Conclusion of China-US Discussions Without Trade Agreement

    BANGKOK – Asian shares mostly rose on Wednesday following the conclusion of…
    • Internewscast
    • July 30, 2025
    City administrator recommends raising Augusta trash service fee along with recycling fee
    • Local news

    Augusta City Administrator Suggests Increasing Trash and Recycling Service Fees

    AUGUSTA, Ga. () – Augusta leaders are sitting down, talking trash. “I’ve…
    • Internewscast
    • July 30, 2025
    Storm Team 3: Hot & humid for a few more days, stormy, cooler weekend
    • Local news

    Storm Team 3: A few more days of heat and humidity, followed by a stormy and cooler weekend

    SAVANNAH, Ga. () — Tuesday afternoon and into the evening was hot…
    • Internewscast
    • July 30, 2025
    Maher: I was wrong that Trump's tariffs would 'sink the economy'
    • Local news

    Maher Admits He Was Incorrect About Trump’s Tariffs Harming the Economy

    (The Hill) Bill Maher is acknowledging that the doom and gloom predictions…
    • Internewscast
    • July 30, 2025
    What is the largest earthquake ever recorded?
    • Local news

    What is the most powerful earthquake on record?

    (NEXSTAR) An 8.8 magnitude earthquake one of the most powerful in recorded…
    • Internewscast
    • July 30, 2025
    South Dakota’s ‘Operation Prairie Thunder’ to support ICE
    • Local news

    South Dakota Launches ‘Operation Prairie Thunder’ to Assist ICE

    () With a new initiative aimed at curbing crime and illegal immigration,…
    • Internewscast
    • July 30, 2025
    Daughter bilks $113K from 87-year-old mother's bank account: Police
    • Local news

    Police Report: Daughter Embezzles $113,000 from Elderly Mother’s Account

    YUKON, Okla. (KFOR) Authorities say five individuals are facing felony charges for…
    • Internewscast
    • July 29, 2025
    What were those crazy rainbow clouds over Central Florida?
    • Local news

    Unusual Rainbow Clouds Appear Over Central Florida: What Are They?

    ORLANDO, Fla. – Several communities that saw storms Tuesday night caught a…
    • Internewscast
    • July 30, 2025
    Trump's armored golf cart in Scotland
    • Local news

    President Trump’s Armored Golf Cart: A New Security Measure

    () President Trump is known for having many security measures when he…
    • Internewscast
    • July 29, 2025
    Youngkin orders Richmond to pay wrongly imprisoned man $5.8 million or state funds will be withheld
    • Local news

    Youngkin Mandates Richmond to Compensate Wrongfully Imprisoned Man $5.8 Million or Face Withheld State Funds

    RICHMOND, Va. (WRIC) — After more than four decades behind bars for…
    • Internewscast
    • July 29, 2025
    Trump proposes repeal of landmark finding that greenhouse gases harm the public
    • Local news

    Trump Suggests Revoking Landmark Decision on Greenhouse Gases and Public Health

    The Trump administration is proposing a repeal of the landmark finding that…
    • Internewscast
    • July 30, 2025
    Historic RICO charges filed in Burke County embezzlement case
    • Local news

    RICO Charges Brought in Historic Burke County Embezzlement Case

    BURKE COUNTY, Ga. () – Susan Jennifer Perez Godbee Wimberly, who works…
    • Internewscast
    • July 29, 2025
    Hawaiian residents and visitors stuck in traffic in Oahu
    • Local news

    U.S. Coastlines Experience Tsunami Activity Following 8.8 Magnitude Quake in Russia

    () Hawaii, Alaska and the West Coast are bracing for more strong…
    • Internewscast
    • July 30, 2025
    Everyday Heroes: Champaign 9-year-old saves great grandma's life
    • Local news

    Young Hero: 9-Year-Old from Champaign Rescues Great Grandma’s Life

    CHAMPAIGN, Ill. (WCIA) — There is a wave of gratitude flowing through…
    • Internewscast
    • July 30, 2025
    A released Israeli hostage embraces her mother.
    • US

    British Hostage Criticizes Keir’s ‘Moral Failure’ After PM Pledges to Recognize Palestine Following Survival from Hamas Tunnels

    RELEASED British hostage Emily Damari today slammed “shameful” Sir Keir…
    • Internewscast
    • July 30, 2025
    NYC gunman wanted to 'preserve brain' for research after shooting: Mayor
    • Local news

    NYC Shooter Aimed to ‘Preserve Brain’ for Research After Incident: Mayor

    NEW YORK (WPIX) – According to Mayor Eric Adams, a note discovered…
    • Internewscast
    • July 30, 2025
    Internewscast Journal
    • Home
    • Privacy Policy
    • DMCA Notice
    • Terms and Conditions
    • Guest Post
    • Support Our Cause
    Copyright 2023. All Right Reserverd.