White House Flexes Unprecedented Authority to Halt US Steel Plant Closure

In a landmark demonstration of interventionist industrial policy, the Trump administration has for the first time exercised its “golden share” power over United States Steel Corp., compelling the company to reverse its decision to shutter its Granite City steelworks in Illinois. This direct government intervention marks a significant shift in the relationship between Washington and corporate America.

The decisive action came on Friday when Commerce Secretary Howard Lutnick delivered an unequivocal message to US Steel CEO Dave Burritt: the White House would not tolerate the plant’s planned November closure. The communication reportedly included a personal threat from President Trump to utilize the veto power granted to the administration.

The company’s response was immediate. Within hours of the warning, US Steel confirmed a complete reversal... Read more...