Trump Names Commerce Officials To Oversee U.S. Steel Under Golden Share Deal

Benzinga

Trump has appointed two Commerce Department officials to oversee U.S. Steel under the golden share agreement created during its acquisition by Nippon. The golden share gives the president veto authority to ensure production stays in the U.S., with one official empowered to exercise those powers and another joining the board. U.S. Steel was delisted after the deal closed, and the veto authority will pass to future presidents.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02President Trump appointed two Commerce Department officials to oversee U.S. Steel under the

00:06Golden Share Agreement established during its acquisition by Nippon, according to CNBC.

00:11President approved Nippon's acquisition of U.S. Steel in June after securing Golden

00:14Share veto powers. The company was delisted from the NYSE once the deal closed. Trump

00:20holds the Golden Share's veto powers when assigned Commerce official William Kimmett

00:24to exercise those authorities as his representative. He also appointed Commerce Chief Counsel

00:28David Shapiro to serve as a U.S. government representative on U.S. Steel's board.

00:33Trump said the Golden Share allows the president to oversee U.S. Steel and insurance production

00:37facilities remain in the United States. The Golden Share will transfer to future presidents

00:41or their designee after Trump leaves office.

00:44For all things money, visit Benzinga.com.

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