US President Donald Trump will speak on September 19, 2025 at the White House Oval Office in Washington, DC, USA.
Kencedeno | Reuters
The Trump administration stepped in to stop the idle business in Plant, a granite city in Illinois, and used new forces that led to the company’s recent acquisition, the Wall Street Journal reported.
Steelmakers had informed nearly 800 workers that the factory would be closed in November, but they were noting that they would still be paid. But after Commerce Secretary Howard Lutnick warned CEO Dave Baritt that the administration would not allow it, US steel reversed the course on Friday, and the facility would continue to wrap the slabs around steel, the journal reported, citing people familiar with the matter.
The intervention showed that Trump was the first to use the so-called “golden share” rights. This is the condition for Japan’s $14.1 billion acquisition, which was cleared in June. The national security agreement gave the White House a veto power over plant closures, offshore production shifts, and other strategic decisions.
US Steel did not immediately respond to CNBC due to comments.
The move highlights Trump’s growing hand in the private sector. Last month, the president said the government would take a 10% stake in Intel after receiving billions of subsidies under the Chips Act of 2022.
When the deal was announced in June, Trump told us steel workers that Japan would become a “great partner.” The Trump administration is currently engaged in trade talks with Japan as it is eagerly awaiting signs that the US will attack deals with key partners to avoid sudden tariffs.
Trump told steel workers that Japan has agreed to make our steel blast furnaces operate at full capacity for at least 10 years. The president said the deal would not result in layoffs, and promised that there would be no outsourcing at all. At the time, he said workers would receive a $5,000 bonus.
Read the complete WSJ story here.
