Steelmakers Sue Biden Admin Over Blocked Acquisition Of U.S. Steel
Daily WireDEC 2024
Nippon Steel Completes $14.1B US Steel Acquisition
Above: The headquarters building of the Nippon Steel corporation in Tokyo, Japan, on Jan. 7, 2025. Image copyright: David Mareuil/Anadolu via Getty Images
The Spin
Republican narrative
This deal is a massive win for American steelworkers and national security. Trump's brilliant negotiation secured unprecedented government oversight through the golden share, ensuring that no jobs are shipped overseas while bringing $11 billion in desperately needed investment to revitalize America's aging steel infrastructure. The partnership keeps U.S. Steel American-controlled while allowing access to cutting-edge Japanese technology.
Democratic narrative
The acquisition essentially hands over America's iconic steelmaker to foreign control despite cosmetic protections, raising concerns about national security and economic independence. The golden share provision creates a dangerous precedent of political interference in corporate governance, and questions remain about whether promised investments and job protections will materialize beyond political rhetoric and photo opportunities.