US Steel CEO Says ‘Golden Share’ Doesn’t Restrict Operations After Trump Approval
US Steel CEO David Burritt says the company’s new ownership deal does not limit how it runs its business, even though it includes a rare condition giving President Donald Trump a say in some major decisions.
Burritt made the comments after Japan‘s Nippon Steel acquired US Steel last year, a deal that required approval from the Trump administration.
As part of that approval, the US government received a so-called “golden share.” This special share allows the president to approve certain actions, such as closing plants or moving major operations.
Still, Burritt told CBS News that the arrangement does not interfere with the company’s plans. “There’s nothing in this golden share that prevents us from doing what we want to do,” he said.
Speaking with “CBS Evening News” anchor Tony Dokoupil at a US Steel plant in Pittsburgh, Burritt stressed that the company agreed to the deal only because it fit its goals.
“We’re aligned with what the president wants us to do,” he said, adding that the agreement is good for both workers and the company.
Burritt explained that some parts of the golden share, such as needing approval to change the company’s name or follow existing trade laws, do not affect US Steel’s day-to-day operations.
When asked if future decisions like plant closures would need approval, Burritt acknowledged that they would. However, he said the company does not expect that to happen.
“We don’t see us closing the plant,” Burritt said, pointing to recent growth. He noted that US Steel reopened a blast furnace at its Granite City, Illinois, site because customer demand increased. The plant had been inactive since 2023.
US Steel Faces Tough Choices Ahead, CEO Warns
Burritt also pushed back on claims that President Trump blocked a previous closure at Granite City. He said the decision to restart operations was based on business needs, not a veto from the White House.
Looking ahead, Burritt admitted tough choices could come someday. “We can’t guarantee things are going to stay open,” he said.
Still, he emphasized that the company plans to manage its business while keeping a strong relationship with the administration that helped approve the deal.
The CEO praised the partnership with Nippon Steel, saying it allows US Steel to invest more than before.
He highlighted a planned $14 billion investment that could support up to 100,000 direct and indirect jobs over time, NewsClip reported.
Despite foreign ownership, Burritt said US Steel remains American at its core. “That’s our brand. That’s our name,” he said, adding that the company will stay headquartered in Pittsburgh.
He also called Trump’s steel tariffs a “game changer,” saying they strengthen national security and protect jobs.
Originally published on vcpost.com
