Nippon Steel’s bid to buy U.S. Steel shouldn’t be a big story, but it is. Donald Trump and Kamala Harris, who don’t agree on much, loudly insist the deal must not go through. Emphatically taking the opposite side, editorialists on the right (e.g. the Wall Street Journal) and on the left (e.g. the Washington Post) endorse the deal. President Biden, who was widely expected to announce he would block the takeover, has instead lowered the political temperature and says he’ll postpone a decision until after the election.
The reasons for this melee are instructive for business leaders in any business. The lessons are partly about politics—those are the hot, headline-making lessons—but the most valuable lessons span decades and show how great companies can crumble, bringing employees, investors, and communities down with them.
