Biden Blocks Nippon Steel's Acquisition of U.S. Steel

The United Steelworkers union praised President Joe Biden's decision to block Nippon Steel's proposed acquisition of U.S. Steel. United Steelworkers International President David McCall expressed gratitude for Biden's action to protect the domestic steel industry and American workers. He urged U.S. Steel's board to ensure its continued success and profitability. McCall had previously expressed concerns to Reuters about Nippon Steel's commitment to U.S. Steel's long-term viability. The $14.

9 billion deal had faced scrutiny from lawmakers, regulators, and the union. Biden cited national security and resilient supply chains as reasons for blocking the acquisition, emphasizing the importance of a domestically owned steel industry

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Biden Blocks Nippon Steel's Acquisition of U.S. SteelPresident Biden rejected Nippon Steel's bid to acquire U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) feared that the deal could lead to reduced steel production, potentially harming industries vital to national security. Despite strong support from U.S. Steel shareholders, Biden's decision reflects his long-standing opposition to the deal.
Fuente: NBCPhiladelphia - 🏆 569. / 51 Leer más »

Biden Blocks Nippon Steel's US Steel AcquisitionPresident Biden blocked Nippon Steel's proposed acquisition of U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) was worried that the deal could lead to reduced production capacity at U.S. Steel, potentially causing supply shortages and delays affecting critical industries. Despite U.S. Steel's assurances regarding its headquarters and board composition, Biden ultimately rejected the deal.
Fuente: NBCLA - 🏆 319. / 59 Leer más »