Biden Blocks $14 Billion U.S. Steel Acquisition by Nippon Steel

President Biden has decided to block the proposed $14 billion acquisition of U.S. Steel by Nippon Steel, according to a report from the Washington Post. Biden had previously expressed opposition to the deal, stating that U.S. Steel should remain an American-owned and American-operated firm. The Biden-Harris administration's Justice Department investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the U.S. (CFIUS) probed the national security implications. U.S.

Steel CEO David Burritt had warned that if the acquisition by Nippon Steel fell through, the company would likely close steel mills in Pennsylvania's Monongahela Valley and Gary, Indiana, that were slated to receive a multi-billion dollar upgrade with cash infused by Nippon following the completion of the sale. Burritt told The Wall Street Journal, 'We wouldn't do that if the deal falls through,' adding, 'I don't have the money.' Nippon Steel had pledged to invest $2.7 billion in U.S. Steel's Mon Valley Works and the Gary Works as part of a modernization project aimed at making the facilities more competitive with international rivals. Nippon also stated it would preserve the name, brand, and headquarters of U.S. Steel and refrain from layoffs through 2026 had the deal gone through. Burritt also indicated that if the Mon Valley Works closes, the company would likely move its headquarters out of Pittsburgh to a location in the South, where an increasing share of the company's production has shifted. U.S. Steel previously informed FOX Business that the company has approximately 3,800 employees in Pennsylvania, including the Mon Valley Works and the corporate headquarters, as well as its research center and other corporate functions. The Gary Works in Indiana has over 4,300 employees, according to the company

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