The past’s dead hand weighs on US Steel buyout

Stumbling block: The United States Steel Corp steel mill in Braddock, Pennsylvania. Biden is preparing to block Nippon Steel Corp’s takeover of United States Steel Corp. — Bloomberg

OVER the past three years, European governments and the administration of US President Joe Biden have announced a set of ambitious plans to wean emerging markets from their addiction to coal-fired power.

These plans – in Indonesia, South Africa, Vietnam, and Senegal – have shown few signs of succeeding. To understand why, look at Pittsburgh, Pennsylvania.