Where Harris and Trump unite
Vice President Kamala Harris and former President Donald Trump are both pushing against a $14.9 billion acquisition of US Steel by Japan’s Nippon Steel.
US Steel, once an industrial giant, has struggled to maintain its position in a globally competitive market.
The proposed deal, seen as a potential way to counter China’s dominance in steel production, faces strong opposition from Harris and Trump.
They argue foreign ownership of such a vital industry poses national security risks.
Both leaders believe US Steel should remain under American control, given its importance in defense-related applications like warships and aircraft.
The Committee on Foreign Investment in the United States is expected to veto the acquisition following these concerns and President Joe Biden’s opposition to the deal.
The company was formed in 1901 by JP Morgan, who blended Carnegie Steel Company with several smaller concerns.
At its wartime peak in 1943, the firm employed more than 340,000 people.
As of the end of last year, the company had fewer than 22,000 employees.
In the face of increasingly tough competition, US Steel started to look for a buyer and found one in Nippon Steel.
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