Japan’s Nippon Steel (NPSCY) had hoped it could counter China’s export onslaught with a deal in the U.S., where it could enjoy protection from Chinese rivals, but U.S. politics have proven to be an equally challenging foe, Peter Landers and Jason Douglas of The Wall Street Journal report. The slim prospects for Nippon Steel’s $14B proposed takeover of U.S. Steel (X) have narrowed further with President Biden set to use his executive powers to block the deal, a person familiar with the matter told the Journal.
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