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On Thursday, President Biden said he opposed Japan’s Nippon Steel’s planned acquisition of U.S. Steel, emphasizing the importance of “strong American steel companies powered by American steel workers.”highlighted the proposed takeover as “a political lightning rod” in midwestern swing states, citing U.S. Steel’s roots in Pennsylvania, and “operations in Michigan, Minnesota, Ohio, and other states as well.
The $15 billion deal was announced in December, and has been fiercely opposed by the United Steelworkers union. U.S. Steel is based in Pennsylvania — a battleground state for 2024 — and has operations in Michigan, Minnesota, Ohio and other states as well. President Joe Biden came out forcefully against Nippon Steel’s planned acquisition of U.S. Steel on Thursday, stressing the importance of maintaining “strong American steel companies powered by American steel workers.”
Biden’s statement sent U.S. Steel shares X, 0.39% tumbling more than 6% as investors surmised that the deal — currently under review by the Committee on Foreign Investment in the United States, or CFIUS — is likely dead in the face of presidential opposition.Everyone knows the Trump-Biden election campaign is going to be nasty, brutish and not short enough, but the unknown is how much policy damage it will do.
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