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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...
...“Allowing one of our nation’s largest steel manufacturers to be purchased by a foreign-owned corporation leaves us vulnerable when it comes to meeting both our defence and critical infrastructure needs,”...
...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”....
...Nippon Steel, the world’s fourth-largest steelmaker, has agreed to pay $55 per share in cash for US Steel but investors’ uncertainty about the outlook for the deal have left the US group’s shares well below...
...US President Joe Biden plans to express serious concern over Nippon Steel’s proposed purchase of US Steel, a move that could threaten the deal’s progress and anger Japan, one of Washington’s closest allies...
...US President Joe Biden is pushing for tariffs to triple on Chinese steel and aluminium, as he seeks to boost union support in the swing state of Pennsylvania....
...In the US, for every job in steel production, there are around 14 jobs in industries that use steel intensively....
...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 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 US official argued that since imports of Chinese steel were “quite small” at 0.6 per cent of total US steel demand, there would be little impact on inflation, a key electoral concern for Biden....
...corporations....
...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....
...But the now bipartisan American backlash against Nippon Steel’s $14.9bn purchase of US Steel — a deal driven by robustly commercial motives and for which the Japanese buyer is shelling out roughly twice...
...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....
...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....
...Joe Biden is preparing to oppose Nippon Steel’s proposed $14.9bn purchase of US Steel, a move that is likely to upset one of Washington’s closest allies but delight key voters in the rustbelt....
...The US Treasury declined to comment on the letter. Read more on Nippon Steel’s deal here...
...Nippon Steel has agreed to buy US Steel in a deal that values its American rival at $14.9bn, in the Japanese group’s biggest ever acquisition....
...It’s not the same as colonial impact, when so much was taken from us.”...
...Since Nippon Steel agreed to buy US Steel for $14.9bn in mid-December, the deal has faced a bipartisan backlash in Washington against the sale of a US manufacturing icon to a foreign entity....
...Environmental advocates argue that retrofitting old buildings should be the preferred option to make best use of emission-intensive materials such as glass, steel and concrete in existing structures....
...Shares in US Steel closed down 2.4 per cent on Tuesday at $48.38, below Nippon Steel’s $55 per share offer price....
...A Cleveland-Cliffs/US Steel combination would have created a US national champion....
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