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...US Steel....
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Agreement is latest move by US tech company to extend its reach into fast-growing sector
...Nippon Steel has vowed to push ahead with its $14.9bn acquisition of US Steel, predicting “calmer discussions” with unions after the country’s presidential election in November....
...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....
...The economy of Pittsburgh, Pennsylvania, has grown far beyond its steel industry roots....
...Russia’s glory days are fast fading, both in terms of launches and funding. In the US, Nasa’s budget requests were pruned by $2bn-plus for this year and next, to $24.9bn and $25.4bn respectively....
...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....
...Capitalism reins in the sale of US Steel In August, Cleveland-Cliffs wrapped its unsolicited bid for US Steel in an American flag....
...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....
...Three years ago, prices for iron ore, the material used for steelmaking, rose so fast to record highs that Beijing had to intervene with vows to punish speculation....
...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....
...regulator has taken the first steps towards three more probes into alliances between Big Tech companies and artificial intelligence start-ups, after the agency said its concerns about dealmaking in the fast-growing...
...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....
...Exhibit A: Nippon Steel’s $14.9bn takeover offer for US Steel....
World’s largest coffee chain and fast-food group have been hit by global protests since the start of the Israel-Hamas conflict
...The company was originally founded in China, and relies on factories in the country to produce the cheap goods that underpin its fast-growing business....
...It needs to move fast to take advantage of shifting trends. june.yoon@ft.com...
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