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...US President Joe Biden has come out against Nippon Steel’s proposed purchase of US Steel, saying it is “vital” for the “iconic American steel company” to remain “domestically owned and operated”....
...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”....
...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”....
...Nippon’s existing operations in the US are limited, but the combined company would be one of the 10 largest steelmakers in the world....
...A person with knowledge of Nippon Steel’s thinking said the company does not plan to give up its bid for US Steel even if Biden publicly expresses opposition to the takeover....
...The fight over the future of the century-old steelmaker comes after decades of decline at US Steel, once the world’s most valuable company....
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...Decarbonisation “creates an opportunity for us to work with our steel mill customers to tailor our products . . . including providing different and higher quality grades depending on the types of products...
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...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...
...“It is important for us to get ahead of China’s new export surge and their continued pressure on prices that make it hard for American steel companies to compete,” said a senior US official, who added that...
...The decision is expected to lead to up to 2,800 job losses across the company’s heavily lossmaking UK operation, which employs about 8,000 people....
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...as hot rolled coil or other steel products....
...The efforts EU companies are making in green steel, for example, could become competitive with domestic “dirty” steel given the EU’s high domestic carbon tax, but would be undercut by carbon-intensive imports...
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...But its real battle will begin if and when the acquisition of US Steel is complete because the company will need to make even tougher decisions about jobs and plants in the future. kana.inagaki@ft.com...
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