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When news broke that a Japanese company, Nippon Steel, was buying the storied American steel company U.S. Steel, it was still 2023, just before an election.
And right away, politicians from both sides of the aisle came out forcefully against the deal, saying the company should remain American. Before leaving office, President Biden even blocked the sale.
But in a dramatic twist a few weeks ago, President Trump approved it. With a caveat: the U.S. would get what Trump called 'a golden share' in U.S. Steel.
On our latest show: what even is a "golden share"? When has it been used before, and why? And, could deals like this be a good way to get foreign investment in American manufacturing...or is it government overreach?
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How Big Steel in the U.S. fellThis episode was produced by Willa Rubin and edited by Marianne McCune. Research help from Emily Crawford and Emma Peaslee. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.Support Planet Money, get bonus episodes, sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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