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...“Logink is part of the CCP’s overall strategy for national dominance and power.”...
...The Horizon report says Nippon has been instrumental in helping the Chinese steel industry to develop, including through one joint venture involving Baosteel, the largest Chinese steel company....
...Tata’s national-level consultation with unions is expected to end next week, when the company could confirm it will close its two remaining blast furnaces as soon as September....
...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....
...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....
...“President Biden and the union are saying all kinds of things. Basically, they are concerned about job security and national security....
...Shipbuilding is about steel and workers, but it’s also about technology....
...In raising concerns over the deal Biden did not refer to national security, speaking only of the need to maintain “strong American steel companies powered by American steel workers”....
...Thyssenkrupp also said on Tuesday that TKMS would “provide a good starting point for possible national and European consolidation”....
...During a visit last month to Pennsylvania — a swing state in November’s election — Biden said he wanted the agency to triple tariffs on Chinese steel and aluminium....
...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...
...It is shipbuilding, however, that has become the latest and potentially most important battleground....
...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....
...will demonstrate that it strengthens US jobs, competition, and economic and national security”....
...A Cleveland-Cliffs/US Steel combination would have created a US national champion....
...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”....
...Whether the acquisition is approved or blocked by US authorities for national security reasons, Nippon Steel’s current dilemma has significant implications for Japan Inc as companies pursue growth outside...
...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...
...Companies: Abbott Laboratories and infrastructure company Kinder Morgan are scheduled to report first-quarter earnings. Five more top stories 1....
...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...
...Alun Davies, Community’s national officer for steel, urged members to back industrial action in its month-long ballot....
...Chinese players now dominate global steel production and US Steel — once associated with the robber barons Andrew Carnegie and John Pierpont Morgan — has now been diminished as an American powerhouse....
...Joe Biden has thrown his support behind investigating Nippon Steel’s purchase of US Steel on national security grounds, despite Japan’s status as one of Washington’s closest allies....
...Nippon’s acquisition of US Steel would benefit the economy broadly and the working class specifically. The company intends to inject much-needed technology and capital into US Steel....
...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....
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