Nippon Steel offered Washington a "golden share," which gives the government oversight over some decisions, to get approval for its takeover of U.S. Steel.

The U.S. government's ownership of a golden share in U.S. Steel will not block Nippon Steel from taking any management action that it deems appropriate, the Japanese steelmaker's CEO said on Thursday.

The national security agreement between President Donald Trump, Nippon Steel Corp., and US Steel to merge the two companies opens the door to unprecedented control by the president over the steelmaker’s operations and its relations with the workers’ union.