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...Speaking before the unions filed the petition, USW president David McCall told the FT: “The United States was once a leader in the commercial shipbuilding industry, but over the past two decades, the Chinese...
...It’s worth noting that Japan is the largest foreign investor in the United States, directly employing nearly a million American workers....
...US Steel is headquartered in Pennsylvania, a vital swing state in November’s presidential election. Donald Trump has said he would block the Nippon deal — posing a dilemma for Biden....
...United Steelworkers said on Thursday....
...The United Steelworkers labour union, which represents more than 1mn workers, preferred a domestic bidder, Cleveland Cliffs, during the 2023 US Steel auction....
...It also comes less than a month before Japanese Prime Minister Fumio Kishida is set to arrive in Washington for a state visit....
...Yellen chairs the Committee on Foreign Investment in the United States (Cfius), an inter-governmental agency that vets deals for whether they may harm national security....
...Investors cheered, with shares in US Steel rising 26.1 per cent the day it was announced. But the merger is opposed by the United Steelworkers labour union....
...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...
...“[Cfius] can and should block the acquisition of US Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” the senators wrote....
...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....
...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....
...“[Cfius] can and should block the acquisition of US Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” wrote JD Vance of Ohio...
...Members of the US’s United Steelworkers union voiced dismay about the deal, saying they had been excluded from negotiations. They would have preferred a transaction with Cleveland-Cliffs....
...US Steel itself has just over 20,000 workers, half the number of employees at Penn State university. As I noted last week, US trade policy is disturbingly vibes-based....
...The ruined temples and palaces of south India’s Vijayanagar empire rise from an enigmatic landscape of giant boulders and banana groves in Karnataka state....
...The deal drew a furious response from the United Steelworkers union, which said that neither US Steel nor Nippon Steel had consulted it....
...US Steel has plants in Pennsylvania and Michigan, two states Biden is likely to need to win to clinch re-election in November....
...Brian Reissaus, former head of the Committee on Foreign Investment in the United States, has joined Freshfields as a senior adviser on national security. Smart reads Crime . . ....
...Activist investor Cevian Capital has taken a €1.2bn stake in UBS, and Nippon Steel has agreed to buy US Steel in a $14.9bn deal....
...Indeed, if they appear to dither, it will hurt Biden in Pennsylvania, home of the United Steelworkers and a key swing state....
...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....
...“At the same time, a lot of state aid has gone into them and yet many plants are idle or falling apart. We want to know where this public money has gone,” she added....
...’s takeover of US Steel (FT) Deutsche Bank cuts cash bonuses by up to 50% over Postbank IT fiasco (FT) Will Douglas IPO be a dog or a darling?...
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