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

President Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel. Biden cited the importance of a strong domestically owned and operated steel industry for national security and resilient supply chains. He argued that steel is crucial for infrastructure, the auto industry, and the defense industrial base. The Biden-Harris administration's Justice Department investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the U.S.

(CFIUS) examined its national security implications. U.S. Steel CEO David Burritt had warned that if the acquisition fell through, the company might close mills in Pennsylvania and Indiana that were slated for upgrades with Nippon Steel's investment. Nippon Steel had pledged $2.7 billion for modernization projects at U.S. Steel's Mon Valley Works and Gary Works, aiming to make them more competitive. They also promised to preserve U.S. Steel's name, brand, headquarters, and avoid layoffs through 2026

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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.
Fonte: NBCPhiladelphia - 🏆 569. / 51 Consulte Mais informação »

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.
Fonte: NBCLA - 🏆 319. / 59 Consulte Mais informação »