US President Donald Trump has used new powers granted by Japan’s Nippon Steel to save jobs at its Granite City plant in Illinois. The company had planned to idle the facility but reversed course after Commerce Secretary Howard Lutnick warned them against it. This marks Trump’s first use of “golden share” rights, which give the White House veto power over strategic decisions.
U.S. Steel had informed nearly 800 workers that the plant would close in November, but they will still receive their pay. The company said it aimed to maintain flexibility and is pleased with the new arrangement. This move highlights Trump’s growing influence in the private sector, including a recent plan to take a 10% stake in Intel.
In June, Trump promised Nippon Steel that the blast furnaces would remain operational for at least 10 years, without layoffs or outsourcing. The president also offered workers a $5,000 bonus. However, concerns remain about trade deals with Japan and whether they will avoid steep tariffs.
Source: https://www.cnbc.com/2025/09/20/trump-golden-share-us-steel.html