The row over US Steel shows the new meaning of national security
Should a Japanese buyer really be blocked from acquiring the American firm?
Last summer US Steel was considering taking the capitalists’ way out—by selling itself. American steelmaking has suffered decades of decline, ostensibly as a result of foreign competition. At home traditional integrated producers like US Steel have been overtaken by “mini-mills” powered by electricity and non-union workers. In August Cleveland-Cliffs, a rustbelt rival, announced that it had made an offer to buy US Steel and had been rebuffed. Dozens of suitors emerged. In December Cleveland-Cliffs made a final bid of $54 per share, to be paid in cash and stock.
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This article appeared in the Business section of the print edition under the headline “Nerves of steel”
Business February 17th 2024
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