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.
“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