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Trump's 'Golden Share' in U.S. Steel

By Erika Beras

Published August 3, 2025 at 5:09 PM EDT

The iconic American company, U.S. Steel was sold to Nippon Steel in Japan earlier this summer. The terms of the deal give President Trump an outsized say in the future of U.S. Steel.

Erika Beras

Erika Beras (she/her) is a reporter and host for NPR's Planet Money podcast.

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The iconic American company, U.S. Steel was sold to Nippon Steel in Japan earlier this summer. The sale was years in the making and, on the campaign trail last year, President Trump opposed it. But now, he's approved the sale. And the deal also gives the president himself an outsized say in the future of U.S. Steel. Erika Beras from Planet Money explains what the president calls: a golden share.
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