President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his vow in March to block the acquisition. “We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a Friday morning statement.
Last month, the Committee on Foreign Investment in the United States (CFIUS) raised concerns on the possible national security risks of the deal, and sent a long-awaited report on the merger to Biden who had 15 days to reach a final decision. The committee, chaired by Treasury Secretary Janet Yellen and made up of other Cabinet members, can recommend that the president block a transaction, and federal law gives the president that power. A U.S. official familiar with the matter, who spoke on condition of anonymity, told The Associated Press last month that some federal agencies represented on the panel were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks. The decision, which comes just weeks before the Democratic president is set to leave office, could potentially damage relations between the U.S. and Japan, which is America’s biggest ally in Asia. Japan is also the largest foreign holder of U.S. debt. Biden previously came out against the deal last March — and was backed by the United Steelworkers, concerned over whether the company would honor existing labor agreements or slash jobs as well as the firm’s financial transparenc
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