After years of wrangling, Nippon Steel Corp. of Japan was finally granted the go-ahead to buy U.S. Steel Corp. on June 13 by the Trump administration. Previously, the Biden administration blocked this deal, based on the concern of a foreign company buying a company that has become a national icon but in the past few decades has lost its luster and its might in the U.S. and world economies.
I was disappointed with the Biden administration’s opposition to this deal. In its heyday, U.S. Steel was a pillar of the U.S. economy that provided the world with its steel products. After World War II, Japan rebuilt its core industries, and Nippon Steel became the beacon of the newest technology in steel production. Meanwhile, U.S. Steel rested on its laurels and failed to comprehend the competitive threat posed by a modern, high-technology steel producer such as Nippon Steel. U.S. Steel’s market share and power ebbed, while Nippon Steel’s market share and power rose.
Send us your news Tell us about your business. CLICK HERE Send us your announcements, press releases, photos and more.
Albuquerque Journal business outlook reporters and editors want your story suggestions. Send your suggestions here to the business desk
Sign up now for free daily email newsletter
Success! An email has been sent to with a link to confirm list signup.
Error! There was an error processing your request.
Business Outlook Newsletter – Subscriber-Only
Exclusive Business Outlook Newsletter, delivered every Monday. Designed for paid subscribers, it provides narrative coverage of local trends, industry news, and key economic updates, going beyond the headlines to keep you informed.
Please enter a valid email address. Sign up Manage your lists We want to hear from you For general questions or concerns, email [email protected]
Read more on Albuquerque Journal
