News Formal

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

  • 📰 PennLive
  • ⏱ Reading Time:
  • 22 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 53%

Business News

Biden,U.S. Steel,Nippon Steel

President Biden blocks the proposed $15 billion deal citing national security and job concerns for American workers. The decision comes after recommendations from CFIUS and the opposition of the United Steelworkers union and former President Trump.

President Joe Biden has blocked the proposed $15 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing concerns about national security and the impact on American jobs. The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments for potential national security risks, had recommended that Biden block the deal. Biden's decision comes after the union representing U.S.

Steel workers, the United Steelworkers, raised concerns about the potential for job losses and the preservation of labor agreements under new ownership. Former President Donald Trump had also pledged to block the deal, citing similar concerns and vowing to use tax incentives and tariffs to support the American steel industry. The decision could potentially strain relations between the U.S. and Japan, a key American ally.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 463. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

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.
Source: NBCLA - 🏆 319. / 59 Read more »