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       Japanese Company’s Bid for U.S. Steel Tests Biden’s Industrial Policy

       The president is under pressure from Democrats and Republicans to block the sale to Japan’s Nippon Steel, which could upset a key foreign ally.

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       U.S. Steel announced plans to be acquired by a Japanese competitor, Nippon Steel, in a $14.1 billion takeover bid. Credit...Gjp/Associated Press

       By Jim Tankersley

       Jim Tankersley is an economics reporter based in Washington.

       Published Jan. 7, 2024Updated Jan. 8, 2024, 2:57 p.m. ET

       U.S. Steel is an iconic example of the lost manufacturing muscle that President Biden says his economic policies will bring back to the United States.

       But last month, the storied-but-diminished company announced plans to be acquired by a Japanese competitor. That development has put Mr. Biden in an awkward bind as he tries to balance attempts to revitalize the nation’s industrial sector with his efforts to rebuild international alliances.

       Mr. Biden’s administration has expressed some discomfort with the deal and is reviewing the proposed $14.1 billion takeover bid by Japan’s Nippon Steel. The company is offering a hefty premium for U.S. Steel, which has struggled to compete against a flood of cheap foreign metal and has been weighing takeover offers for several months.

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       Jim Tankersley writes about economic policy at the White House and how it affects the country and the world. He has covered the topic for more than a dozen years in Washington, with a focus on the middle class. More about Jim Tankersley

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