Planet Money The President's Golden Share in U.S. Steel
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Jul 25, 2025 
Joining the discussion is Sarah Bowerly-Danzman, a political economist and former CFIUS case officer. The conversation dives into the hotly debated acquisition of U.S. Steel by Japan's Nippon Steel, especially the implications of the ‘golden share’—a rare control mechanism allowing government oversight. Sarah unpacks the historical context of golden shares, weighing their potential benefits for attracting foreign investment against concerns of government overreach. It’s a lively examination of the intersection between national security and economic interests.
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Steel as National and Economic Security
- Steel production is viewed as critical for military readiness and self-reliance in wartime.
- The U.S. government ties economic and military security tightly through manufacturing capability.
Government Control in U.S. Steel Deal
- The U.S. government imposed strict controls on U.S. Steel after the sale, including veto powers for the president.
- These unusual provisions blur the lines between private operation and government control.
Golden Shares Origin and Purpose
- Golden shares give governments small ownership with disproportionate control, often used during privatization.
- The UK pioneered golden shares in the 1980s to protect national interests while moving towards market economies.