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...US Steel....
...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...
...types of carbon steel sheets from China rose almost 85 per cent....
...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....
...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....
...On Monday, US Steel announced that it would sell itself to Nippon Steel of Japan at an enterprise value of $15bn....
...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...
...Exhibit A: Nippon Steel’s $14.9bn takeover offer for US Steel....
...Biden expressed opposition a month ago to the proposed acquisition of US Steel by Japanese group Nippon Steel, in what was viewed as a political move that upset Japan, a critical ally....
...“There’s too much steel in the world,” said Colin Richardson, head of steel at price reporting agency Argus Media. “Even with a pullback in China, there will be too much steel.”...
...Overcapacity has long been a problem, despite Beijing’s efforts to limit steel production, with about 500 steel mills in the country....
...Nippon Steel is not a member....
...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....
...Shares in US Steel closed down 2.4 per cent on Tuesday at $48.38, below Nippon Steel’s $55 per share offer price....
Internet regulator orders delisting of two Meta-owned apps over ‘national security concerns’
...His comments on Tuesday followed the announcement of Nippon’s all-cash $14.9bn takeover bid for US Steel, a deal that would make the combined group the world’s third-biggest steel producer....
...friendship many times over — most prominently by joining the US in imposing restrictions on exports of high-end semiconductor production equipment, and by directly helping Washington rally sign-ups to the Indo-Pacific...
...“It is fair to say that we don’t believe these numbers,” said Colin Hamilton, a London-based analyst at BMO Capital Markets, of China’s December steel and pig iron data....
...But US Steel hasn’t been that US Steel for more than half a century....
...Third, Japan is an increasingly important Pacific ally as the US’s relationship with China becomes more adversarial....
...Nippon Steel snapped up US Steel for $14.9bn last month. Astellas Pharma bought eye-treatment specialist Iveric Bio in a $5.9bn deal in May....
...If you add in Biden’s opposition to Nippon Steel’s takeover of US Steel, it seems there is a lot of protectionism around in Washington nowadays masquerading as something else....
...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....
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