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US President Donald Trump goes when employees respond to the US steel corporation – Irvin Works in Western Milflin, Pennsylvania, USA, May 30, 2025.
Leah milis | Reuters
Currently, President Donald Trump personally holds extensive veto power over the US Areas, according to a supplemented corporate charter submitted in Commission on Securities and Exchanges.
US Steel says Trump holds what the White House calls a “golden fate” in a company based in Pittsburgh. However, the charter does not refer to future presidents. Instead, it is said that the veto government goes to the Treasury and the trade departments as the US government after Trump leaves the post, the SEC said.
The White House official told CNBC on Thursday that future presidents can either appoint anyone to hold the golden share or take over the immediate veto as Trump did.
“President Trump can also appoint someone else for this role, but chooses it himself,” the official said.
Trump approved the controversial US merger from Japan Nippon Steel June 13, after the companies signed Agreement on National Security From the United States and accepted the “golden fate” agreement. Trump opposed the 2024 presidential election.
Trump’s direct participation in the measures of national security issues unprecedentedly stated that Stephen Heifetz, a lawyer who had previously worked on the Foreign Investment Committee in the US (CFIUS), an agency considered by the United States-Nippon.
But this is also perhaps all for the sake of performances, Hifez said. Treasury and commercial departments that will carry out a “golden fate” after Trump leaves the office and are working for the US president, Hefets said.
“We have a golden share I control or () the president controls,” Trump told the White House on June 12.
The golden share gives Trump and then the Treasury and the Commercial Departments, the veto for the following business solutions in the US, according to the SEC:
- By changing the name of the US by moving the headquarters from Pittsburgh and moving the company outside the US
- Closing, single, sales of production areas by 2035, and the US granite city in the US has been operating until 2027.
- Reduction of the basic salary of employees by 2030.
- Reduction, refusal or delayed terms has been set out for $ 10.8 billion.
- Purchase of any business in the US, which competes with steel steel or suppliers.
International United Metallurgian President David Maccal said Trump has acquired a strange degree of personal power over the corporation through a “golden fate”.
Trump avoided calling a transaction between the US and Nippon merger or acquisition, describing it instead of “partnership”.
But now the US steel is now a subsidiary of Nippon Steel North America, and its shares stopped trading On the New York Stock Exchange on June 18, when the deal closed. It is planned that the American steel will be officially canceled from the exchange on June 30.
