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...All three senators are from states where the United Steelworkers union has a large presence....
...“We have seen the [People’s Republic of China] create dependencies and vulnerabilities in multiple sectors, like steel, aluminum, solar, batteries and critical minerals, harming American workers and businesses...
...The traders said that Indian-owned Tata Steel UK, Britain’s largest steelmaker, had imported large amounts of hot-rolled coil, a benchmark product used to make pipes and other steel structures, from India...
...Though cross-border acquirers do not always keep their word, Nippon has pledged not to shift production or US jobs overseas, and to honour bargaining agreements with the United Steelworkers union....
...The United Steelworkers labour union, which represents more than 1mn workers, preferred a domestic bidder, Cleveland Cliffs, during the 2023 US Steel auction....
...United Steelworkers said on Thursday....
...Following talks with Nippon Steel last week, the United Steelworkers said the meeting yielded “no progress”....
...Yet when President Joe Biden visited on Wednesday, his only stop was to the headquarters of the United Steelworkers....
...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....
...The deal has also been greeted with hostility by the United Steelworkers union, which said neither Nippon Steel nor US Steel had consulted it in advance....
...The country’s benchmark Kospi climbed 1.6 per cent, with Histeel — a steel pipe manufacturing company — leading gains....
...“[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...
...The US iron ore miner-turned- steel-consolidator kicked off merger and acquisition fireworks in August with a much lower unsolicited bid for US Steel....
...The deal drew a furious response from the United Steelworkers union, which said that neither US Steel nor Nippon Steel had consulted it....
...“From soil to coil”, its mined ore progresses via rubber pipes, red-hot blast furnaces, molten channels and railways to emerge as coiled steel....
...US Steel has plants in Pennsylvania and Michigan, two states Biden is likely to need to win to clinch re-election in November....
...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....
...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...
...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....
...Read more on the president’s push to raise prices on imported Chinese steel and what it could mean for the election....
...“[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....
...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....
...The United Steelworkers union, which is also based in Pittsburgh and represents 1mn workers, has opposed the deal and Biden’s rival Donald Trump has called the takeover “horrible” and said he would oppose...
...Exhibit A: Nippon Steel’s $14.9bn takeover offer for US Steel....
...to invest in pipe and sewage networks....
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