(Reuters) – The Trump administration has blocked U.S. Steel’s plan to shut down production at one of its Illinois plants by invoking its so-called “golden share” authority, the Wall Street Journal reported Friday, citing a person familiar with the matter.
U.S. Steel, now owned by Tokyo-based Nippon Steel, said in a statement Friday that it has reversed its decision to close the plant, which employs nearly 800 workers.
Media reports indicated the company had planned to halt production at the plant in November.
According to the Journal, Commerce Secretary Howard Lutnick told U.S. Steel CEO Dave Burritt that the U.S. president would use his “golden share” authority to ensure operations continued.
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