U.S. Steel is an example of the lost manufacturing muscle that President Biden says his economic policies will bring back to the United States. That development has put Mr. Biden in an awkward bind as he tries to balance attempts to revitalize the nation’s industrial sector with his efforts to rebuild international alliances. Mr. Biden’s administration has expressed some discomfort with the deal and is reviewing the proposed $14.1 billion takeover bid by Japan’s Nippon Steel. Mr. Biden is under pressure from senators that contend that domestically owned steel production is critical to U.S. manufacturing and supply chains. Supporters of the takeover bid say blocking the sale risks angering a key American ally.

Source: New York Times January 08, 2024 17:37 UTC