Biden Blocks Nippon Steel's $14.9 Billion Acquisition of U.S. Steel

President Joe Biden has officially blocked the $14.9 billion takeover of U.S. Steel by Japan's Nippon Steel. Biden said the proposed deal would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation's critical supply chains. This decision fulfills his promise to keep the century-old American industrial name under domestic ownership. Biden stated that Nippon's proposed $14.

9 billion acquisition would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation's critical supply chains. '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,' said Biden. Biden's decision to block the deal highlights a bipartisan shift towards protectionism in the U.S., as both Democrats and Republicans aim to maintain domestic control over key industries amidst escalating geopolitical tensions worldwide. The White House's move to prevent the sale demonstrates that even close allies like Japan are not exempt from the growing wave of protectionism. Tokyo is crucial to Washington's strategy of containing China's ambitions in the Indo-Pacific region

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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.
Fonte: NBCPhiladelphia - 🏆 569. / 51 Leggi di più »

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.
Fonte: NBCLA - 🏆 319. / 59 Leggi di più »