President Biden’s insistence that blocking the U.S. Steel--Nippon Steel merger would be beneficial for U.S. security and the career prospects of U.S. Steelworkers reflect a fundamental misunderstanding of the industry and broader economy. If he follows through on his threat it will inevitably result in fewer jobs in the domestic steel industry, a frayed alliance with Japan, and a reduced steelmaking capacity--precisely the opposite of his ostensible goal.
Read Full Article »
