The Trump administration stepped in to prevent U.S. Steel from closing its Granite City, Illinois, plant and exercising new powers related to the company's recent acquisition, the Wall Street Journal reported.

The steel companyly informed 800 workers that the factory would close in November, but said they would still receive wages. But according to a Wall Street Journal quoted as informed, U.S. Trade Secretary Lutnik told the CEO of U.S. Steel that the government would not allow the plant to shut down. The U.S. Steel Company changed its mind last Friday, saying the factory would continue to make plates of plates.

Exercise of gold rights for the first time

The intervention marked Trump's first use of so-called "golden stock" rights, and in June 2025, when the company acquired American Steel Company, the company reached an agreement with the U.S. government to issue the so-called "golden stock". After the Trump administration suggested using the powerful power of the gold stock, US Steel withdrew its shutdown plans.

American Steel Company

The largest steel monopoly multinational company in the United States. Founded in 1901 as a result of the merger of more than a dozen businesses including Carnegie Steel and Union Steel. Once controlled 65% of U.S. steel production. It has annexed more than 50 enterprises successively, and relied on its strong economic strength to monopolize the steel market and raw material sources in the United States. Headquartered in Pittsburgh.

U.S. Steel Acquisition Process Reviews

In December 2023, Japan Iron Manufacturing announced plans to acquire American Steel Company and turn it into a wholly-owned subsidiary. It is that the transaction was a cash acquisition at a price of $55 per share, with a total amount of about $14.9 billion.

In April 2024, U.S. Steel's shareholders approved the acquisition plan with a majority of more than 98%. Since Nippon Steel announced its plan to acquire U.S. Steel Company, this acquisition plan has been blocked by many parties in American political circles.

On December 26, 2024, Nippon Steel said that the acquisition of U.S. Steel will be postponed to March 2025 due to the inability to complete it within the year.

On January 3, 2025 local time, U.S. President Biden decided to formally block Nippon Steel from acquiring U.S. Steel in order to prevent foreign ownership of key U.S. companies;

On January 6, local time, Japan Railways announced a joint lawsuit with American Steel Company to remedy the continued illegal interference in Japan's railway acquisition of American Steel Company transactions.

On February 9, local time, Japan confirmed that Japanese iron will give up the acquisition and move to invest in steel.

On June 14, Japan Railways announced that the U.S. government has approved the plan to acquire the U.S. Steel Company. Japan Railways will receive 100% of the ordinary shares and receive American Steel as a wholly-owned subsidiary.

On June 18, local time, the Japan Railway Company announced that the acquisition process for the U.S. steel company had been completed.

Images are from the network and are only for indication.

The Trump administration has successfully intervened in corporate decisions with the help of "Golden Stock", showing its strong protection gesture against the U.S. steel industry.This event not only highlights the major impact of political factors on business operations, but also indicates that the future operations of U.S. steel companies will be carried out under strict supervision of the government, and subsequent internal adjustments and changes in the industry pattern deserve market attention.