United States Steel faces a precarious future as efforts to save the company from a $14 billion acquisition by Japan’s Nippon Steel encounter political opposition, including from U.S. President Joe Biden. The clash over the company’s ownership involves the dilemma of maintaining domestic control or succumbing to a hostile takeover by Cleveland-Cliffs. The dispute, centered around outdated blast furnaces and the push for cleaner technologies, has left U.S. Steel at a crossroads, with uncertainties surrounding its potential acquisition, restructuring, and the fate of its workforce.
Tug-of-War Over United States Steel Threatens Company’s Future