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...US Steel....
...The biggest attempt to date came in December, with Nippon Steel launching an $15bn all-cash bid for US Steel....
...Steel has none of the sensitivities of high-tech social media; US Steel is not a direct supplier to the military....
...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....
...The economy of Pittsburgh, Pennsylvania, has grown far beyond its steel industry roots....
...Joe Biden has declared his opposition to Nippon Steel’s proposed $14.9bn purchase of US Steel, saying it was “vital” for the American steel company to remain “domestically owned and operated”....
...Joe Biden plans to intervene in Nippon Steel’s proposed purchase of US Steel, a move that could threaten the deal and anger Japan, one of Washington’s closest allies....
...Nippon Steel is not a member....
...In the US, for every job in steel production, there are around 14 jobs in industries that use steel intensively....
...Shares in US Steel closed down 2.4 per cent on Tuesday at $48.38, below Nippon Steel’s $55 per share offer price....
...On Monday, US Steel announced that it would sell itself to Nippon Steel of Japan at an enterprise value of $15bn....
...It comes after much of the country’s steel industry has consolidated, leaving Cleveland-Cliffs, Nucor, Steel Dynamics and US Steel as the four large players....
...Joe Biden has thrown his support behind an investigation of Nippon Steel’s purchase of US Steel on national security grounds, despite Japan’s status as one of Washington’s closest allies....
...It then bought the US steel mills of ArcelorMittal and AK Steel, its two big customers. “They’ve been incredibly aggressive,” said Fitch Ratings analyst William Van Meerbeke....
...Capitalism reins in the sale of US Steel In August, Cleveland-Cliffs wrapped its unsolicited bid for US Steel in an American flag....
...A year earlier, Cleveland-Cliffs acquired US steel producer AK Steel for $1.1bn....
...Activist investor Cevian Capital has taken a €1.2bn stake in UBS, and Nippon Steel has agreed to buy US Steel in a $14.9bn deal....
...JSW said it aimed to bring down the cost of MG’s EVs by supplying its own steel, in addition to batteries, and carrying out more research and development in India....
...Environmental advocates argue that retrofitting old buildings should be the preferred option to make best use of emission-intensive materials such as glass, steel and concrete in existing structures....
...In recent years, Cliffs bought AK Steel and the US operations of ArcelorMittal for $6bn in total. Adding US Steel would reinforce the kingpin status of Cliffs....
...“We estimate it is 50 metres deep and 4km long, and have found RPGs and AK-47s stored in depots. Many smaller tunnels lead off it.”...
...Rupert Murdoch’s News Corp is also interested in buying the Spectator....
...This “monster steel trust”, put together by power brokers including John Pierpont Morgan, Andrew Carnegie and Charles Schwab, would make two-thirds of the nation’s steel, giving it enormous pricing power...
...government funding for chip manufacturing, which was passed by Congress in 2022, is part of Biden’s sweeping agenda to revitalise domestic manufacturing in areas ranging from clean energy to semiconductors and steel...
...North American steel companies have undergone a wave of consolidation in recent years dominated by four players: Cleveland-Cliffs, US Steel, Nucor and Steel Dynamics....
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