This chapter examines the contentious bid from Japan's Nippon Steel for U.S. Steel, spotlighting concerns from the White House regarding foreign ownership amid ongoing economic challenges. It discusses the implications for American labor and the political landscape, especially with the upcoming 2024 election influencing President Biden's stance. Additionally, the chapter highlights the national security evaluations conducted by CFIUS and the complex relationship between U.S. allies and domestic industry needs.
Once the world's largest corporation, the now-struggling US Steel wants to sell itself to Japan's Nippon Steel. The United Steelworkers oppose the deal, and President Biden is backing the union. The Washington Post's David Lynch explains how the steel giant's future became an election-year issue.
This episode was produced by Peter Balonon-Rosen, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Andrea Kristinsdottir and Rob Byers, and hosted by Noel King.
Transcript at vox.com/today-explained-podcast
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