Nippon Steel and US Steel are betting Donald Trump can be persuaded to back their $15bn deal, accusing President Joe Biden of blocking the transaction to win union support in last year’s presidential election. The two companies, which have battled opposition to the deal for more than a year, are banking that lawsuits they filed this week against Biden will compel his successor to endorse the deal when he returns to the White House this month.
Nippon’s offer to buy the steel producer became a flashpoint during the presidential campaign as Trump and Biden courted blue-collar voters in the crucial swing state of Pennsylvania, where US Steel is based. The USW has worked to block the deal, even though US Steel warned the transaction’s failure would force it to cut jobs. Trump on Monday reiterated his opposition to the Nippon Steel takeover. “Why would they want to sell U.S.
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