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...The American steel industry has become a political issue in the 2024 presidential election after Nippon Steel last year launched a $14.9bn takeover of US Steel, headquartered in Pittsburgh, a city in the...
...Chris Deluzio, a Democratic congressman from western Pennsylvania, also said the report added to the national security risks in the proposed sale of US Steel to a foreign buyer....
...Shougang supplies steel to the Chinese military. The study examined the material limits of a class of advanced high-strength steel that has been proposed for use in civil and military applications....
...US investor capital from Vanguard also funded affiliates of the China State Shipbuilding Corporation, a military-linked conglomerate, the report said....
...US steel unions have asked President Joe Biden to open a trade investigation into alleged Chinese unfair economic practices in the shipbuilding and maritime logistics sectors....
...Shipbuilding is about steel and workers, but it’s also about technology....
...The move on steel imports and probe into Chinese shipbuilding are the latest measures by the Biden administration to tackle what Washington views as unfair economic practices or national security issues....
...Thyssenkrupp also said on Tuesday that TKMS would “provide a good starting point for possible national and European consolidation”....
...But even if US Steel were essential to national and economic security, since when has it become a threat to sell a nationally significant American company to a rival from arguably the US’s most important...
...Nippon Steel last week formally filed the deal with the Committee on Foreign Investment in the US (Cfius), the inter-agency panel that vets inbound deals for national security threats....
...Large multinational companies are urging Joe Biden’s administration to keep politics out of any national security review of Nippon Steel’s purchase of US Steel after a bipartisan backlash to the deal in...
...And under the terms of the deal, US Steel production will remain in the US. The president stopped just short of pledging to block the deal, and his statement did not reference national security....
...But that requires clear rules of the road for “friendshoring”, which have yet to be worked out, as evidenced by the Biden administration’s recent pushback against Nippon Steel’s attempt to acquire US Steel...
...The union said it would “strongly urge” regulators to scrutinise Nippon Steel’s deal and determine whether it served US national security interests and benefited workers....
...But, within 48 hours of the Nippon Steel announcement, the vague spectre of national security concern has been invoked....
...The steel industry has become a 2024 election issue in the US since Nippon Steel’s planned takeover of US Steel was announced in December....
...The levelling up secretary had pushed for the retailer’s current Art Deco flagship to be refitted, rather than knocked down, but the court found he had “misinterpreted the national planning policy”....
...Biden has called for tariffs on Chinese steel and aluminium as he tries to shore up union support in the swing state of Pennsylvania....
...America is fond of big things, the Financial Times of 1901 remarked as it marvelled at the creation of the new United States Steel Corporation....
...In the place of national security tariffs levied on European steel and aluminium came a set of import quotas, and some talks aimed at creating a permanent solution to trade in low-carbon steel and aluminium...
...It sits at the heart of the premise of a development corporation: cut through red tape in the name of delivery....
...You will see national security concerns because the Chinese are also looking at this market,” said Bentzel....
...On Wednesday, Hunt announced cuts to the national insurance rates paid by employees and the self-employed....
...The EU is set to extend its truce with the US over steel tariffs imposed by Donald Trump until after the 2024 presidential election....
...The money will be spread over a variety of schemes, ranging from the national wealth fund to a domestic insulation programme and a Great British Energy corporation, which would invest in low-carbon energy...
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