President Biden is blocking the proposed $14 billion acquisition of U.S. Steel by Nippon Steel."A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base.
"US STEEL CEO SAYS COMPANY LIKELY TO CLOSE STEEL MILLS IF PROPOSED $14B SALE TO NIPPON STEEL FALLS THROUGHNippon 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 said it would preserve the name, brand and headquarters of U.S. Steel and refrain from layoffs through 2026 had the deal gone through.
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:
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 $14 Billion U.S. Steel Acquisition by Nippon SteelPresident Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel, citing national security and antitrust concerns.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Biden Blocks $14 Billion Nippon Steel Acquisition of U.S. SteelPresident Biden blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel, citing national security concerns and the importance of a strong domestic steel industry. Biden emphasized the critical role of steel in infrastructure, the auto industry, and national defense. The deal faced scrutiny from the Justice Department on antitrust grounds and the Committee on Foreign Investment in the U.S. (CFIUS) on national security implications.
Source: fox5ny - 🏆 587. / 51 Read more »
Nippon Steel Extends US Steel Acquisition Deadline as Biden Weighs BlockNippon Steel has pushed back the closing date for its acquisition of U.S. Steel to the first quarter of 2025, from a previous target of late 2024. The decision comes as President Joe Biden considers whether to block the deal, citing concerns about foreign ownership of the company.
Source: nbcchicago - 🏆 545. / 51 Read more »
Biden decides to block Nippon Steel's $15 billion acquisition of U.S. Steel: ReportThe White House is expected to announce U.S. President Joe Biden’s decision to block Nippon Steel’s $15 billion takeover bid of U.S. Steel on Friday.
Source: NBCDFW - 🏆 288. / 63 Read more »
Biden Expected To Block Nippon Steel's Acquisition of U.S. SteelThe White House is expected to announce President Biden's decision to block Nippon Steel's proposed acquisition of U.S. Steel as early as Friday. The Committee on Foreign Investment in the United States (CFIUS) raised concerns that the deal could pose a risk to national security by potentially reducing U.S. Steel's production capacity. Despite assurances from U.S. Steel regarding the deal's benefits, including maintaining its headquarters in Pittsburgh and a U.S.-based board of directors, Biden has long opposed the transaction.
Source: NBCNewYork - 🏆 270. / 63 Read more »