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Biden Blocks U.S. Steel-Nisshin Steel Merger Over National Security Concerns

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US Steel,Nisshin Steel,Merger

President Biden has used his authority to block the merger of U.S. Steel with Japanese company Nisshin Steel, citing national security concerns despite a lack of consensus within the CFIUS.

President Biden has blocked the proposed merger of U.S. Steel with Japanese company Nisshin 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. Biden had 15 days to make a final decision after receiving CFIUS's report. While some agencies on the panel were skeptical of national security risks, Biden ultimately decided to block the transaction.

His decision, made just weeks before leaving office, could potentially strain relations between the U.S. and Japan, America's largest ally in Asia. Biden previously opposed the deal last March, supported by the United Steelworkers who were concerned about job losses and labor agreements. Biden emphasized the importance of maintaining strong American steel companies owned and operated within the United States

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