During a segment of The 21st Show on NPR Illinois titled “How Does Nippon’s Acquisition of U.S. Steel Impact Illinois Steelworkers?”, national security and trade attorney Stephen Heifetz, a partner at Wilson Sonsini, offered insight into the federal government’s involvement in the deal. He pointed to several unusual elements, including the prolonged review process by the Committee on Foreign Investment in the United States (CFIUS) and a series of accompanying conditions for approval—developments that, taken together, reflect a more challenging landscape for foreign investors.

One such arrangement, Stephen explained, was the federal government’s use of the term “golden share” to characterize the conditions for approval.  Although this particular terminology might be more image than substance, the substantive conditions and level of post-transaction control, he noted, underscore how far the U.S. is shifting from its historically open approach to foreign investment.

Stephen emphasized that while the United States has long benefited from an open investment policy, recent years have brought a growing wave of skepticism toward foreign ownership. He characterized the Nippon–U.S. Steel transaction as a clear reflection of this shift—warning that, over time, a more restrictive approach could ultimately undermine, rather than enhance, U.S. security.

To listen to the segment, click here.