US Steel, Icon of American Industry, Sold to Japanese Company After Long Decline
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US Steel, once the world's most valuable company, has agreed to be purchased for $14.1 billion by Japan's Nippon Steel, ending over 120 years as an independent American steelmaker.
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US Steel was instrumental in building infrastructure like bridges, skyscrapers, and factories during the early 20th century industrial boom, but has declined sharply due to foreign competition and lagging technology.
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The company now ranks 27th globally in steel output, well behind domestic competitors like Nucor and foreign giants in China and India. Its $14 billion sale price is less than 0.5% of Apple's valuation.
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The deal faces political opposition from US senators and the steelworkers' union, who argue it jeopardizes American jobs and national security interests in the defense industrial base.
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US Steel's fading fortunes as independent company underscore the ongoing shift in the US economy away from labor-intensive manufacturing toward services, finance, and technology sectors.