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The Biden administration is poised to block Nippon Steel's $15 billion acquisition of U.S. Steel amid bipartisan political opposition and national security concerns. U.S. Steel warns that blocking the deal could lead to significant job losses and factory closures in Pennsylvania, a key swing state in the upcoming presidential election.
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On September 2, 2024, President Joe Biden and Vice President Kamala Harris held their first joint campaign event in Pittsburgh, Pennsylvania, marking Labor Day. The duo aimed to rally support from union workers ahead of the November election against Donald Trump, emphasizing their pro-union policies and opposition to the Nippon Steel acquisition of U.S. Steel.
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President Biden is preparing to block Nippon Steel's $14.9 billion acquisition of U.S. Steel, citing national security concerns. This decision reflects bipartisan opposition amid the 2024 election, as both presidential candidates have voiced their disapproval, emphasizing the importance of American ownership in the steel industry, particularly in Pennsylvania, a key swing state.