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...On Thursday, President Joe Biden threw cold water on Nippon Steel’s pending $15bn acquisition for US Steel, once a national icon. He said US-steel should remain American....
...Nippon’s proposed $14.9bn acquisition of the Pittsburgh-headquartered steel producer has sparked a bipartisan backlash in Washington and raised a political dilemma for Biden, who has cast himself as a champion...
...A person with knowledge of Nippon Steel’s thinking said the company does not plan to give up its bid for US Steel even if Biden publicly expresses opposition to the takeover....
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...Community, the steel union, criticised Tata’s decision as a “bad deal for steel”....
...Nippon Steel’s effort to take over US Steel is currently being blocked by the Biden administration....
...Now that the shoe is on the other foot, the US is emerging as the biggest purveyor of domestic champions, created through heavy state backing....
...US president in decades and a champion of American jobs....
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...Nippon Steel’s winning offer, which values US Steel’s equity at $14.1bn, follows a tradition of Japanese companies paying handsomely for overseas acquisitions....
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