Biden Blocks Steel Merger Citing National Security

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Steel Industry,Merger,National Security

President Biden has blocked a proposed merger between U.S. Steel and Nippon Steel citing national security concerns. The move has been criticized by the companies involved, who say it is unjustified and will harm American jobs. They argue that Japan is a close ally and that the merger would not pose a threat to national security.

pandemic, often in spite of the actions of Democratic politicians. In reality, economic growth was stagnant, and the country hit 40-year inflation highs due to the president and his party’s uncontrolled deficit spending. Per all available polling data, voters ranked the economy andas their top issues in November, and they elected a man promising to give overtaxed and overregulated workers a break.

Instead of taking the hint, Biden, or whoever is calling the shots in the White House as the 46th president hides from reporters amid his clear descent into senility, has. Some people might hear the name U.S. Steel and assume that the company is a titan of American industry, but the once great corporation, founded by J.P. Morgan in 1901, was just the 27th-largest steel producer globally in 2022. Both U.S.

“President Biden’s Order is the culmination of a months-long campaign to subvert and exploit the United States’ national security apparatus for the purpose of keeping a promise made by the President and his advisors to the leadership,” spokespeople for the steel companies said in a joint statement.

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