By coinnews 
00:00 Speaker A
President Trump set to hold a rally in Pennsylvania, celebrating a deal between US Steel and Nippon Steel. Remember, back in 2023, Nippon Steel proposed a $14 billion takeover of US Steel, which was blocked by then President Biden. Meantime, Trump has set to tout the plans at a steel processing plant today and perhaps offer more details on the notion that the US could receive a golden share. Here, break down all of this and more. Yahoo Finance Washington Correspondent Ben Marsh, Ben, walk me through this deal. Walk me through the golden share here, what that means, and what this looks like in terms of likelihood for this working out, given where we know the president is heading today.
00:52 Ben Marsh
For sure. Yeah. So this golden share concept is the is the factor here that seems to have have flipped Trump on the deal. Um, it’s worth noting that this is a sort of complete 180 for Trump on this Nippon US Steel deal during the campaign. He promised to stop it instantaneously when in his office. Now he’s going to rally at a US deal processing plant. Um, we don’t have a ton of detail at the moment on what a golden share, what he exactly means by a golden share. The way he described it earlier this week is that the US would have control over the company. Uh, Nippon Steel hasn’t publicly agreed to that to terms like that yet. Um, Golden shares are are a relatively common thing overseas where the government takes a role in in companies. Um, but it’s unclear whether this will be a literal equity stake, or it’ll be sort of similar to how the US controls foreign investment through programs like the CFIUS program, um, which which reviews these types of deals, and was involved in in Biden blocking it. Overall though, I think it’s notable here that Trump’s embrace of this, and his apparent excitement for the golden share concept is part of an overall trend from Trump that stretches back to previous administrations of US companies, US the US government getting more and more involved in US companies. It had echoes to me of Trump talking about how he’s going to watch Walmart and whether they’re going to change tariff prices. These are micro level company details that Trump wants to be involved in. And I I note that there was echoes of that in the Biden administration too. Um, the last Golden Share, um, concept was was actually the auto bailout under the Obama Biden administration where the US took a stake in in GM and Chrysler at the time before before selling it off pretty quick. So it’s a lot of details. We’ve seen Trump is going to rally it’s at 5:00 PM, where he may get may give more details, but then the deal is expected to be formalized next week.
03:36 Speaker A
And and Ben, walk me through why this makes sense for the president politically, because obviously he previously opposed the deal. What changed and why does it move the needle for him to do this?
03:54 Ben Marsh
I think the main message you’re going to hear from the president tonight, which the White House press secretary alluded to yesterday, is about jobs. This is it’s not it’s not a coincidence that US Steel is headquartered in Pittsburgh, Pennsylvania, the swingiest of swing states. He’s going to go there and talk about protecting US jobs. So that that’s the message he’s hoping is taken from this. It it it sort of belies the fact that most of the underlying aspects of this deal are unchanged other than this golden share. So the, you know, what what what we’re expecting, and what the deal the deal has been telegraphed is you, the headquarters stays the same. It stays in Pittsburgh. It stays with the US CEO. But that that’s what Nippon Steel promised last year. So it’s sort of a messaging operation. I think it’s a big part of this as opposed to really changing the deal, other than what this golden share concept could could entail.
05:06 Speaker A
Ben, always a great overview. Thank you so much. Appreciate it.