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...The Horizon report says Nippon has been instrumental in helping the Chinese steel industry to develop, including through one joint venture involving Baosteel, the largest Chinese steel company....
...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”....
...“It is important that we maintain strong American steel companies powered by American steel workers,” Biden said....
...The United Steelworkers labour union, which represents more than 1mn workers, preferred a domestic bidder, Cleveland Cliffs, during the 2023 US Steel auction....
...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....
...On Monday, a sliver of good news emerged as the United Steelworkers revealed that it had signed a non-disclosure agreement with the Japanese company, meaning that the union was at least willing to engage...
...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....
...Companies: Abbott Laboratories and infrastructure company Kinder Morgan are scheduled to report first-quarter earnings. Five more top stories 1....
...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 drew a furious response from the United Steelworkers union, which said that neither US Steel nor Nippon Steel had consulted it....
...“[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...
...US Steel shareholders will receive a takeover price more than double the company’s trading value prior to an auction launched this summer. However, closing the deal may prove tricky....
...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....
...“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...
...“[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....
...The Japanese company has agreed to pay $55 a share for US Steel. The stock, which had been trading below $40 before the bid was announced, closed on Thursday at $48.16....
...Exhibit A: Nippon Steel’s $14.9bn takeover offer for US Steel....
...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....
...Cleveland had also secured the backing of the United Steelworkers union....
...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....
...But even if US Steel were essential to national and economic security, since when has it become a threat to sell a nationally significant American company to a rival from arguably the US’s most important...
...A United Airlines flight crashed here in 1946, just below the summit. This is harsh and spare country, but laid atop it is an invisible and precise geometry. This is graph-paper wilderness....
...On Wednesday he vowed to keep US Steel in American ownership, and called for higher tariffs on Chinese steel and aluminium imports in a bid to shore up support with unions....
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