(Reuters) – The Trump administration blocked U.S. Steel’s plan to shut down production at one of its plants in Illinois, flexing its so-called golden share authority, the Wall Street Journal reported on Friday, citing a person familiar with the matter. U.S. Steel, now owned by Tokyo-based Nippon Steel, said in a statement on Friday that […]
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Trump invokes ‘golden share’ to block U.S. Steel plans for Illinois plant, WSJ reports
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(Reuters) – The Trump administration blocked U.S. Steel’s plan to shut down production at one of its plants in Illinois, flexing its so-called golden share authority, the Wall Street Journal reported on Friday, citing a person familiar with the matter.
U.S. Steel, now owned by Tokyo-based Nippon Steel, said in a statement on Friday that it has reversed its decision to shut down the plant, which employs nearly 800 workers.
According to media reports, the company had likely planned to halt production at the plant in November.
Commerce Secretary Howard Lutnick told U.S. Steel CEO Dave Burritt that the U.S. president would use his “golden share” authority to ensure operations did not cease, the report added.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Mohammed Safi Shamsi)