This news broke a few days ago and promptly received broad bipartisan backlash. It doesn’t seem clear if this buyout will be tolerated on national security grounds.
this post was submitted on 22 Dec 2023
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Haha free market goes brrrr
The controversy is giving me nippons.
Ouch. I'm kinda surprised the Pentagon is cool with this.
As long as the US has tens of thousands of troops in Japan, why wouldn't they be?
Steal the steel!
How is this a thing? Can US companies go ahead and buy foreign outfits like this? Is this a good idea?
The question is, would another country let one of theirs sell to a US company
Both good questions.
It seems anti competitive, too. Won't this merger give Nippon Steel too much price setting power?
The US government doesn't give a flying fuck about domestic monopolies, but maybe a foreign one will be too much.
Eh who am I kidding. nippon steel only fucked up by not buying the politicians beforehand.
No. US Steel is not the largest steel producer in the US. The steel market itself is fairly competitive overall so there is not really any company that has price setting power.
Can US companies go ahead and buy foreign outfits like this?
Yes, and they do so CONSTANTLY.
Depends on the country. Some are more protective of industries than others so they will block any foreign companies buying domestic ones.
Is it a good idea? The steel market is pretty competitive and US Steel is far from the leader in the market. They were a monopolistic power 120 years ago but they peaked over 100 years ago and have declined significantly since then.