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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....
...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....
...Read more on the president’s push to raise prices on imported Chinese steel and what it could mean for the election....
...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”....
...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....
...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....
...A €200mn impairment in its steel business, as a result of high interest rates hitting capital costs, prompted the company to abandon its previous forecast of a full-year net income “in the low to mid three-digit...
...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...
...Tabby Kinder looks at the options that lie ahead for the Chinese-owned tech company. 3....
...“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 call for intervention is the latest sign of problems at the businessman’s sprawling GFG Alliance, a loose collection of groups around the world that includes Liberty, the global steel and mining company...
...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...
...At the behest of the industry, we took the steel sector as a starting point in tackling the trade conundrum of counting carbon....
...Lael Brainard, Biden’s national economic adviser, said on Thursday that the president believed that “the purchase of this iconic American-owned company by a foreign entity — even one from a close ally —...
...$7.3bn for the company in August....
...“[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 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....
...“[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...
...Executives from India’s Tata Steel, including chief executive T V Narendran, have flown in for the talks with union leaders in London to discuss plans for the future of the company’s UK operations, which...
...Demand is falling from all the sectors that have been the largest buyers of steel: property developers, carmakers and home appliance companies....
...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....
...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....
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