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Biden Blocks Japanese Acquisition of U.S. Steel Citing National Security

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BUSINESS News

NATIONAL SECURITY,STEEL INDUSTRY,JAPAN

President Biden blocked a proposed deal for a Japanese company to acquire U.S. Steel, citing national security concerns.

Biden blocked the proposed deal for the Japanese company to acquire U.S. Steel, citing national security concerns. This decision comes after the Committee on Foreign Investment in the United States (CFIUS) failed to reach a consensus on the deal's potential risks. Although some agencies on the panel were skeptical of the national security implications, Biden ultimately decided to intervene, potentially straining relations between the U.S. and Japan.

The President's decision was supported by the United Steelworkers who expressed worries about job losses and the company's financial transparency. Biden previously opposed the deal in March, highlighting the importance of maintaining strong American steel companies

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