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Biden Blocks U.S. Steel Acquisition by Nippon Steel

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U.S. Steel,Nippon Steel,Biden Administration

President Joe Biden blocked the proposed purchase of U.S. Steel by Japanese steelmaker Nippon Steel, citing economic and national security concerns. The deal, which would have seen Nippon invest nearly $3 billion in U.S. Steel's union-represented facilities, was supported by steel buyers, industry experts, employees, shareholders, and an independent arbitration panel. Critics argue the decision hinders domestic economic growth and ignores Japan's status as a close U.S. ally.

FILE – President Joe Biden speaks during a Hanukkah Holiday Reception event at the White House in Washington, on Dec. 16, 2024. President Biden’s signature, while technically coming after the midnight deadline for a shutdown, ensured that there would be no lapse in government funding. On Friday, President Joe Biden announced he was blocking the purchase of U.S. Steel by Japanese steelmaker Nippon Steel on dubious economic and national security grounds.

A review by the Hudson Institute concluded that the deal “would advance American economic, national security, and political interests at a time when the needs for secure domestic steel production and supply chains are paramount.” But President Biden just can’t figure out any of this. Instead, he chose one of his last presidential acts to be an exercise in executive overreach.

As Boehm notes, “even the Committee on Foreign Investment in the United States , a shadowy entity created during the late stages of the Cold War to review potential economic threats to the country that’s metastasized into an all-purpose mechanism for presidents to control American companies’ deals with foreign firms, declined to label the deal a threat.”

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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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