Biden to officially block purchase of US Steel by Japanese company

due to concerns that the purchase could threaten national security. The president’s decision is expected to be announced as early as Friday. The Japanese corporation had offered to

Biden’s decision to block the deal stems from the findings of a Dec. 23 report from the Committee on Foreign Investment in the United States, thethat the purchase could potentially reduce national steel productivity, causing “risks to the national security of the United States.” The president has been a staunch opponent of the deal since it was announced.

“Potential reduced output by U.S. Steel could lead to supply shortages and delays that could affect industries critical to national security,” the panel, which Treasury Secretary Janet L. Yellen chaired, concluded in its analysis of the proposed sale. The transportation and energy sectors would be the most vulnerable in such a scenario, according to the report.

CFIUS also suggested that given Nippon Steel’s international operations, approving its purchase of U.S. steel could jeopardize future U.S. government trade decisions to minimize costs associated with steel imports, according to theto prioritize steel production abroad, leaving the country’s economy “more exposed to dumping and unfair subsidization of steel.

Nippon’s proposed acquisition of U.S. steel has drawn criticism and opposition from many politicians, including Sen. John Fetterman , President Joe Biden, and

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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.
منبع: nbcchicago - 🏆 545. / 51 ادامه مطلب »

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.
منبع: NBCDFW - 🏆 288. / 63 ادامه مطلب »

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.
منبع: NBCNewYork - 🏆 270. / 63 ادامه مطلب »