It should come as no surprise to anyone who has been paying attention that President Joe Biden issued an order prohibiting the acquisition of Pittsburgh-based U.S. Steel Corporation by Tokyo-based Nippon Steel Corporation. The corporate offices of both companies have “condemned” Mr. Biden’s decision. President-elect Trump has indicated that he would treat the transaction with similar scrutiny as well. The saga of this once-great steel giant can be traced through the twentieth century. The U.S. government, on multiple occasions, extended a life preserver to this iconic brand, which is synonymous with the American industrial revolution itself.

Yet by 2023, more than a century after it was founded, U.S. Steel sought to be acquired by another firm to save itself. Potential offers from other domestic steel companies were not as attractive,........

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