Summary
President Joe Biden blocked Nippon Steel’s $15 billion acquisition of U.S. Steel, citing national security concerns and the need for a domestically controlled steel industry to maintain resilient supply chains.
The decision followed a Treasury Department review that failed to reach consensus and heightened concerns about foreign competition.
While Nippon Steel promised to maintain U.S. Steel’s American identity and operations, critics argued the deal could jeopardize economic security.
The move, supported by Trump, drew criticism for politicizing business decisions and raised tensions with Japan, a key ally.
If he didn’t, Trump would have. Should have let Trump do it though since the union members voted for Trump somehow thinking Trump would allow it.
(Inb4 confusion: the union membership wanted the buyout because jobs, the union leadership was split.)
“Nippon steel promised…”
Lol like anyone can believe a promise from a company. As soon as the CEO or board changes all bets are off.
True. But this catch22 was predictable, planned, and meticulously implemented by the world oligarchy. We are the bottom 99% to 90% of the world need to rise up. At the end of the day we are the losers regardless
I expect nothing from the Democratic party and they still let me down. The union agreed to the deal! Nippon agreed to keep every job and to modernize the steel plants. The time, money, and expertise to do that ourselves is beyond 10 years out. Even if the government give US steel MORE subsidies. Smh US Steel publicly said they would have to lay off thousands of people if this did not go through. Whelp if it was such a national security threat they should have thought about this 40 years ago. But nope profits over people and now the only way to save US steel is to sale it to another company. LATE STAGE CAPITALISM
