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its stated intention of buying and controlling U.S. Steel as a wholly owned subsidiary in a nearly $15 billion offer it originally made in late 2023.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
    Camp Mystic confirms 27 dead in Texas flash flooding
    • Local news

    27 Fatalities Confirmed at Camp Mystic Due to Texas Flash Floods

    () Camp Mystic confirmed Monday it was “grieving the loss of 27…
    • Internewscast
    • July 7, 2025
    NFL player from Danville hosts girls football camp
    • Local news

    Danville Athlete Hosts Football Camp for Girls

    Danville, Ill. (WCIA) — Trent Sherfield, the wide receiver for the Denver…
    • Internewscast
    • July 7, 2025
    Death toll in Central Texas flash floods nears 70 as sheriff says 11 campers remain missing
    • Local news

    Nearly 70 Dead in Central Texas Flash Floods; 11 Campers Still Missing, Authorities Report

    KERRVILLE, Texas – The number of deaths resulting from the flash floods…
    • Internewscast
    • July 6, 2025
    Owners arrested after 30+ animals removed from Carter County home
    • Local news

    Over 30 Animals Rescued from Carter County Home; Owners Arrested

    In Carter County, Tennessee, law enforcement arrested three individuals on Sunday amid…
    • Internewscast
    • July 7, 2025
    Musician Jimmy Buffett and wife Jane Slagsvol arrive for the New York University Child Study Center Gala at Cipriani in midtown on December 4, 2006 in New York City. (Photo by Donna Ward/Getty Images)
    • Local news

    Disputes Over Jimmy Buffett’s Estate Transform Widow’s Inheritance into a Cautionary Tale

    (The Conversation) – Legal professionals frequently advise their clients on the importance…
    • Internewscast
    • July 7, 2025
    Bodies of all 7 missing people found at a California fireworks warehouse that exploded
    • Local news

    All 7 Missing Individuals Discovered Deceased at California Fireworks Warehouse After Explosion

    ESPARTO, Calif. – Authorities in Northern California have found the bodies of…
    • Internewscast
    • July 6, 2025

    Texas Faces Ongoing Flood Threat as Death Toll Surpasses 80

    KERRVILLE, Texas (AP) — In central Texas, the risk of life-threatening flooding…
    • Internewscast
    • July 7, 2025
    National Weather Service defends its flood warnings amid fresh scrutiny of Trump staff cuts
    • Local news

    National Weather Service Stands by Flood Warnings Amid New Criticism Over Trump-Era Staff Reductions

    Fatal floods in Texas have left thousands desperately seeking safety with minimal…
    • Internewscast
    • July 7, 2025
    Former SC Gov. Nikki Haley’s mother passes away
    • Local news

    Nikki Haley Mourns the Loss of Her Mother, Former South Carolina Governor’s Family Announces

    CHARLESTON, S.C. (WCBD) – Former South Carolina Gov. Nikki Haley announced through…
    • Internewscast
    • July 6, 2025
    What did Trump know about Israel's strike on Iran before it happened?
    • Local news

    Trump and Netanyahu to Discuss Gaza Ceasefire at White House Meeting

    () President Donald Trump will meet with Israeli Prime Minister Benjamin Netanyahu…
    • Internewscast
    • July 7, 2025
    Only on 3: New video from Oglethorpe Mall's shooting.
    • Local news

    Exclusive Look: New Video Emerges of Oglethorpe Mall Shooting

    SAVANNAH, Ga. () — A new video from the July 2 shooting…
    • Internewscast
    • July 7, 2025
    More Rain on the Way for Texas Amid Historic Flooding
    • Local news

    Texas to Experience Additional Rainfall as Historic Flooding Continues

    IE 11 is not supported. For an optimal experience visit our site…
    • Internewscast
    • July 7, 2025
    Trump order calls for national park fee hikes for some: What to know
    • Local news

    Trump’s Directive Proposes Increased Fees for Certain National Parks: Key Details Explained

    (NEXSTAR) Just weeks after the Department of the Interior’s budget proposal for…
    • Internewscast
    • July 7, 2025
    Owners arrested after 30+ animals removed from Carter County home
    • Local news

    Over 30 Animals Rescued from Carter County Home; Owners Arrested

    In Carter County, Tennessee, law enforcement arrested three individuals on Sunday amid…
    • Internewscast
    • July 7, 2025
    Who are the Texas flood victims?
    • News

    Unveiling the Faces and Stories Behind Texas Flood Victims

    At least 82 people were killed and dozens are missing after devastating flash…
    • Internewscast
    • July 7, 2025
    Texas flooding: Around 70 wildlife critters rescued after storms
    • Local news

    Texas Floods: Approximately 70 Wild Animals Saved Following Storms

    AUSTIN (KXAN)– Austin Wildlife Rescue said it has rescued around 70 animals…
    • Internewscast
    • July 7, 2025
    Internewscast Journal
    • Home
    • Privacy Policy
    • DMCA Notice
    • Terms and Conditions
    • Guest Post
    • Support Our Cause
    Copyright 2023. All Right Reserverd.