US Steel deal with Nippon riles Biden allies

Troubled times: A statue of Joe Magarac in front of the US Steel’s Edgar Thomson mill in Braddock, Pennsylvania. The United Steelworkers is urging US regulators to scrutinise Nippon’s takeover of the iconic American company. — Bloomberg

WASHINGTON: A Japanese company’s agreement to purchase United States Steel Corp has thrust a political dilemma into President Joe Biden’s lap during a re-election bid that runs through America’s manufacturing heartland.

Pittsburgh-based US Steel announced Monday that it would be taken over by Nippon Steel Corp after an offer of US$14.1bil that exceeded analysts’ expectations. The company had not been considered a frontrunner for the sale.