Japanese steelmaker Nippon Steel has offered $14 billion for historic American company U.S. Steel. The deal is a bad idea. It’s bad for America, bad for steelworkers, bad for the U.S. manufacturing base. It’s even bad for U.S. Steel itself.
The U.S. has four major steelmakers. They are essential to the success and prosperity of the U.S. industrial base and the entire manufacturing sector. It would be a huge mistake to allow one of them to fall under foreign ownership. Whatever Nippon Steel says today about maintaining the U.S. presence of U.S. Steel, in the longer term its goals will include concentrating production in Japan and shutting down some of US Steel’s many U.S. facilities.
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