President Biden blocked a Japanese company's takeover of US Steel, citing national security concerns. However, the decision has sparked concerns about job losses and the potential impact on the American steel industry.
WASHINGTON—By blocking a Japanese company’s takeover of US Steel, President Joe Biden said he was 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 US Steel’s aging blast furnace operations in Gary, Indiana, and Pennsylvania’s Mon Valley.
It also vowed not to reduce production capacity in the“They were going to invest in the Valley,’’ said Jason Zugai, an operating technician and vice president of the United Steelworkers union local at a US Steel plant in the Mon Valley. “They committed to 10 years of no layoffs.Zugai and some other Mon Valley steelworkers supported the Nippon deal in defiance of the union’s national leadership, which pressured the Biden administration to kill it. Losing the Nippon-US Steel deal “will be a disaster for Pennsylvania,’’ said Gordon Johnson, who follows US Steel stock on Wall Street as founder of GLJ Research. “I really don’t understand. This is not in the interest of the workers. It’s not in the interest of the shareholders of US Steel.’’ On Friday, Biden said he was stopping the Nippon takeover — after federal regulators deadlocked on whether to approve it — because “a strong domestically owned and operated steel industry represents an essential national security priority. … Without domestic steel production and domestic steel workers, our nation is less strong and less secure.’’The decision, announced less than three weeks before the president leaves the White House, reflects a growing bipartisan shift away from free trade and open investment. President-elect Donald Trump had already come out against the Nippon takeover. “As President,” he wrote last month on his Truth Social platform, “I will block this deal from happenin
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