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, and potential antitrust issues were raised after extensive past consolidation in the industry. Enter Nippon, hailed by proponents of the deal as a savior that poses no national security threat because it is from Japan, an American ally. Nonetheless, Mr. Biden’s order explicitly details the........

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