President Joe Biden blocked a Japanese company's takeover of U.S. Steel, citing national security concerns. However, the decision has sparked worries that it could jeopardize American jobs, as the Japanese company had pledged investments and job security in aging steel plants.
FILE - The United States Steel logo is pictured outside the headquarters building in downtown Pittsburgh, April 26, 2010. WASHINGTON — By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead.
Losing the Nippon-U.S. Steel deal “will be a disaster for Pennsylvania,’’ said Gordon Johnson, who follows U.S. 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 U.S. Steel.’’ U.S. Steel was founded in 1901 in a merger that involved American business titans J.P. Morgan and Andrew Carnegie and instantly created the largest company in the world. As the U.S. grew to world dominance in the 20th century, U.S. Steel grew with it. In 1943, at the height of the World War II manufacturing boom, U.S. Steel employed 340,000 people.
United Steelworkers President David McCall declared Friday that U.S. Steel had the financial resources to go it alone. “It can easily remain a strong and resilient company,’’ he told reporters.
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