President Donald Trump has appointed two U.S. Commerce Department officials to oversee U.S. Steel under a "golden share" agreement with Japan's Nippon Steel, according to a letter published in the Federal Register on Monday (November 24).

In June, Trump approved the controversial acquisition of U.S. Steel by Nippon Steel, securing veto power over key business decisions through the "golden share" arrangement. Following the completion of the acquisition in June, U.S. Steel's stock ceased trading on the New York Stock Exchange.

As U.S. President, Trump holds veto rights granted by the "golden share," but he may also designate representatives to exercise these powers on his behalf. In a letter to U.S. Steel, Trump appointed William Kimmit, Undersecretary of Commerce for International Trade, as his authorized representative.

In a November 20 letter to U.S. Steel executive Scott Duncan, Trump stated: "Pursuant to the National Security Agreement signed by the U.S. government, Nippon Steel Corporation, and U.S. Steel, I, President Donald J. Trump, hold the G-class preferred shares (the 'golden share') of U.S. Steel."

He further noted: "The 'golden share' grants the President authority to oversee U.S. Steel's operations and ensure the continued operation of its domestic production facilities."

With the "golden share," Trump or his designated representative holds veto power over several decisions, including changes to U.S. Steel's name, relocation of its headquarters outside Pittsburgh, shifting operations overseas, or shutting down production facilities.

The letter also revealed that Trump appointed David Shapiro, Chief Legal Counsel of the Commerce Department, as a board member of U.S. Steel to represent the U.S. government in fulfilling directorial duties.

Upon Trump's departure from office, the powers associated with the "golden share" will transfer to subsequent U.S. presidents or their designated representatives.