Integrated steel producer manufacturing flat-rolled and tubular steel products across North America.Yahoo Finance ↗ussteel.com ↗
2 takes · first discussed May 31, 2025
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Chamath is bullish on the Nippon-US Steel deal structure as a model for strategic government partnership — with a 'golden vote' — arguing it can revive a stranded asset and create long-term value, similar to national champion frameworks in Brazil, the UK, and China.
Sacks supports government-backed protection of US Steel and strategic industries like steel and rare earths, arguing the 'free market' was distorted by Chinese WTO subsidies and dumping, making government intervention necessary for national security.
Both Chamath and Sacks hold a medium-conviction bullish stance on US Steel, though from somewhat different angles. Chamath focuses on the Nippon-US Steel deal structure as a template for government-backed strategic partnerships — specifically the "golden vote" mechanism — drawing on national champion models from Brazil, the UK, and China as evidence the approach can unlock long-term value from what he sees as a stranded asset. Sacks takes a broader national-security framing, arguing that free-market logic doesn't apply when China's WTO-violating subsidies and dumping have already distorted competition, making government intervention in steel (alongside aluminum and rare earths) a strategic necessity to avoid supply-chain dependence on China. The two hosts agree that government involvement is justified and beneficial, but Chamath emphasizes the deal structure and ownership model while Sacks emphasizes the geopolitical and defense rationale.
Chamath is bullish on the Nippon-US Steel deal structure as a model for strategic government partnership — with a 'golden vote' — arguing it can revive a stranded asset and create long-term value, similar to national champion frameworks in Brazil, the UK, and China.
I think this is a really important example of things that we need to copy... this strategy has worked for many other countries really well”1:18:55
Sacks supports government-backed protection of US Steel and strategic industries like steel and rare earths, arguing the 'free market' was distorted by Chinese WTO subsidies and dumping, making government intervention necessary for national security.
steel production is definitely strategic. Steel, aluminum, and I'd say the rare earths, we have to have that capacity. We cannot be completely dependent on China for our supply chain.”1:21:43