International Steel Mills

Trump says US government to control 51% share in USS

Written by Ethan Bernard

June 12, 2025

President Trump announced on Thursday that Japanese steelmaker Nippon’s proposed deal for U.S. Steel would entail the US government wielding a 51% share of the Pittsburgh-based steelmaker.

“We have a golden share, which I control, or the president controls,” Trump said in remarks to reporters at the White House. “Now I’m a little concerned who that president might be (someday), but that gives you total control. It’s 51% ownership by Americans.”

The president labeled Nippon a “great company” but didn’t provide any further specifics on the deal.

This comes after news late last month that Trump approved a Nippon-USS “partnership” without revealing concrete details of the deal. It was reported soon after that the government would have a “golden share.”

SMU reported earlier this week that there has been little news from the three parties regarding the deal since a rally was held by the president in Pennsylvania on May 30.

That article highlighted that Nippon Steel, Nippon Steel North America, and U.S. Steel sued the US government after President Biden blocked the deal earlier this year. And that litigation is ongoing.

As previously reported, “In light of the ongoing discussions,” the Justice Department requested that the CFIUS litigation abeyance be extended and all parties be required to provide a further update on Friday, June 13.”

CFIUS is the Committee on Foreign Investment in the United States.

Requests for comment from U.S. Steel and Nippon Steel were not returned by time of publication.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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