TOTM
Steeling to Block a Merger
Truth on the Market
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In an April 17 address to United Steelworkers in Pittsburgh, President Joe Biden vowed that his administration would “thwart the acquisition of U.S. Steel by a Japanese company,” Nippon Steel, telling the assembled union members that U.S. Steel “has been an iconic American company for more than a century and it should remain totally American.”
Aside from the impropriety of apparently prejudging a proposed combination currently under investigation by the U.S. Justice Department (DOJ), would blocking this merger make any sense on national security or economic grounds? The answer is no.