Photographer: Sean Gallup/Getty Images --
The US steel industry has been dominated this year by Nippon Steel Corp.’s proposed takeover of United States Steel Corp., the country’s largest producer. The $14.1 billion deal, which has become a hot political issue following opposition from President Joe Biden and union workers, is driven by the Japanese company’s optimism of more growth within the US.
The Federal Reserve’s signaling of rate cuts as soon as September lifts the prospects of a turnaround for sectors that rely on steel.
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