The U.S. government should approve the Japanese company’s proposed $18 billion investment in U.S. Steel, according to Peter Roff, who expresses discontent with Mr. Biden’s opposition to the deal.
“Steel has generally suffered since the 1970s, with much of what the United States uses now imported from China, South Korea and Japan,” writes Mr. Roff. He argues that while critics say the Nippon-U.S. Steel merger would give foreign competitors an unfair edge, the reality is it would bring an influx of cash and a reconstitution of the corporate culture that would breathe new life into a venerable American name.
“America’s industrial manufacturing plants didn’t relocate to Asia, Mexico and other parts of the world on a whim,” Mr. Roff writes. “They moved — and took their jobs with them — in no small part because government policies made operating offshore cheaper than continuing here at home.”