It may be almost 2024, but an echo of the late 1980s lingers. On Monday, US Steel announced that it would sell itself to Nippon Steel of Japan at an enterprise value of $15bn.
The venerable American business was once the backbone of its country’s industrial base. In recent decades it has suffered from the onslaught of cheap foreign producers, first from Japan, then China.
But tariffs imposed by Donald Trump and infrastructure largesse dished out by Joe Biden have suddenly made the idea of producing steel in the US more interesting.
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