Biden Decision on US Steel Deal Followed Divide in His Orbit (1)

Jan. 5, 2025, 6:07 PM UTC

Two weeks after the US election, hundreds of allies gathered at the White House to soothe Joe Biden in defeat. Tracking the closed-door bash for clues was a group rarely interested in the routine preening of Washington: arbitrage traders.

The traders, who buy and sell the stock of companies in the middle of mergers and acquisitions, and investors were hanging on every event for a clue to the fate of the sale of United States Steel Corp., a hallowed but humbled American giant, to Japan-based Nippon Steel Corp. And the deal’s key opponent, steelworkers union chief David McCall, was at ...

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