US to Have ‘Golden Share’ in Nippon Steel Partnership With US Steel: Sen. McCormick

‘In the case of Pennsylvania, this saves about 10,000 jobs,’ the Pennsylvania lawmaker said.

A portion of U.S. Steel's Edgar Thomson Works in Braddock, Penn., on April 28, 2024. Gene J. Puskar/AP Photo

The United States will have a “golden share” in Japan-owned Nippon Steel’s acquisition of U.S. Steel, giving it veto power over some key decisions, Sen. Dave McCormick (R-Pa.) said on May 27.

Speaking to CNBC, the Pennsylvania lawmaker said the details of the deal are laid out in a national security agreement that the companies are expected to sign with the government.