Sept 19 (Reuters) - The Trump administration blocked
U.S. Steel's plan to shut down production at one of its plants
in Illinois, flexing its so-called golden share authority, the
Wall Street Journal reported on Friday, citing a person familiar
with the matter.
U.S. Steel,
now owned by Tokyo-based Nippon Steel ( NISTF )
, said in a statement on Friday that it has
reversed its decision to shut down the plant, which employs
nearly 800 workers.
According to media reports, the company had likely planned
to halt production at the plant in November.
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 did not cease, the report added.