President to have “Golden Share” in future of Nippon Steel & U.S. Steel partnership

CALGARY, Alberta & DULUTH, Minn. – President Donald Trump would have unique influence over the operations of U.S. Steel under the terms of the investment being made by Nippon Steel.

Administration officials over the past few days provided additional insight into the so-called golden share arrangement that the federal government made as a condition for supporting the partnership.

US Steel has more than 1,800 employees in Minnesota.

They have Minntac in Mountain Iron, Minnesota and Keetac in Keewatin, Minnesota.

At the facilities, iron-bearing rock called taconite is mined and processed into iron ore pellets for use in U.S. Steel’s steelmaking facilities.

Annual production capability at Minntac is approximately 16 million net tons of pellets.

Keetac produces approximately six million net tons of pellets.

Under the government’s terms, it would be impossible without Trump’s consent to relocate U.S. Steel’s headquarters from Pittsburgh, change the name of the company, “transfer production or jobs outside the United States,” shutter factories, or reincorporate the business overseas, among other powers held by the president.

(The Associated Press Contributed to this report)