The U.S. government is contemplating the acquisition of a stake in United States Steel Corp. that would grant it veto power over significant decisions, in light of Nippon Steel Corp.'s intentions to acquire the American steelmaker. Sources indicate that this 'golden share' would allow the U.S. to block actions by Nippon Steel, such as reducing production capacity, which has raised national security concerns.

Nippon Steel aims to make U.S. Steel a wholly owned subsidiary, but U.S. President Donald Trump has not disclosed the size of the stake he would endorse. The proposed golden share arrangement may restrict Nippon Steel's operational autonomy. Trump stated that U.S. Steel would remain under American control despite the partnership with Nippon Steel, describing it as an investment that would still be governed by U.S. interests.

This consideration follows a review by the Committee on Foreign Investment in the United States, initiated under former President Joe Biden, which did not reach a consensus regarding the acquisition plans announced in December 2023.