Overview

• The Wall Street Journal reported that the administration told U.S. Steel it would veto a planned November halt at a sheet plant in Illinois.
• Commerce Secretary Latnick phoned CEO David Burritt to convey that President Trump would exercise the golden-share authority, according to the report.
• U.S. Steel had notified employees this month that operations would stop in November before the company subsequently withdrew the plan.
• NHK, citing the Journal, says the Illinois facility will continue running and Nippon Steel declined to comment on the reports.
• This is the first disclosed use of the golden-share power since Nippon Steel made U.S. Steel a wholly owned subsidiary in June.