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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....
...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....
...Capitalism reins in the sale of US Steel In August, Cleveland-Cliffs wrapped its unsolicited bid for US Steel in an American flag....
...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....
...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...
...A year earlier, Cleveland-Cliffs acquired US steel producer AK Steel for $1.1bn....
...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...
...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....
...State-owned Comac was established jointly with companies including Shanghai-listed Aluminum Corporation of China, China Baowu Steel Group and Sinochem Corporation....
...make up nearly a third of total US steel demand....
...SpaceX made a number of changes after that failure, including building a water-cooled steel launch pad to be able to withstand the lift-off....
...News round-up Multinationals urge Janet Yellen not to let politics stop US Steel deal (FT) Fantasy M&A is back again, again (FT Alphaville) Abrdn and Baillie Gifford axe jobs as asset managers step up...
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