WASHINGTON (AP) — By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden says he is protecting good jobs in the American heartland. He may be putting them at risk instead. In making its nearly $15 billion bid for the storied Pittsburgh-based steelmaker, Nippon Steel had promised to invest $2.7 billion in U.S. Steel’s aging blast furnace operations in Gary, Indiana, and Pennsylvania’s Mon Valley. It also vowed not to reduce production capacity in the United States over the next decade without first getting U.S. government approval. If the Nippon offer goes away, those commitments go with it.
Decision To Block Nippon Steel Sale Creates Uncertainty
January 5, 2025 6:32 am