It’s hard to think of a more iconically American company than US Steel. It’s right there in the name. But it’s more than that. The company emerged from Andrew Carnegie’s Pittsburgh-area steel mills, which produced one of the largest fortunes and were the site of one of the bloodiest and most brutal industrial strikes in […]
US President Joe Biden has formally blocked the takeover of US Steel by a bigger Japanese company, saying foreign ownership could pose risks for national security. The controversial decision comes a year after Nippon Steel first announced the $14.9bn (£12bn) deal, describing it as a lifeline for its smaller Pennsylvania-based rival. But the transaction soon […]
A water tower at the U.S. Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, on Sept. 4, 2024. Justin Merriman | Bloomberg | Getty Images President Joe Biden has officially blocked U.S. Steel‘s $14.9 billion acquisition by Japan’s Nippon Steel, citing national security concerns. U.S. Steel’s stock dropped by nearly 8% in premarket […]
The president’s announcement of the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year, is expected as soon as Friday.
Mike Pompeo, who served as Secretary of State during Trump’s first administration, backed Japanese Nippon Steel Corp.’s attempted acquisition of U.S. Steel, sharply veering from President-elect Trump, who vowed to block the deal. “Blocking this purchase would undermine America’s national security by diminishing our ability to maintain robust and competitive domestic steel production,” Pompeo wrote in an…
