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

Biden announced in a statement he had made the decision due to “credible evidence” that the purchase could threaten national security. The Japanese corporation had offered to

“Today’s action reflects my unflinching commitment to utilize all authorities available to me as President to defend U.S. national security, including by ensuring that American companies continue to play a central role in sectors that are critical for our national security,” Biden said. Biden said that a White House committee of national security and trade experts determined that the acquisition would create national security and supply chain risks.

The deal faced immediate blowback when it was announced in 2023, particularly in the Rust Belt, where U.S. Steel has been a fixture since its formation in 1901. The Committee on Foreign Investment in the United States, better known as CFIUS, said in a letter last month that the acquisition would raise national security concerns if it led to a decline in domestic steel production.The move comes mere weeks before Biden leaves office and President-elect Donald Trump, a populist who had vowed to “instantaneously” block the deal upon assuming the presidency. TheU.S. Steel’s stock plunged upon the news of the blocked acquisition.

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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.
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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.
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