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Biden Blocks $14 Billion Acquisition of U.S. Steel by Nippon Steel

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President Biden has blocked the proposed acquisition of U.S. Steel by Nippon Steel, citing national security concerns and the importance of a strong domestic steel industry. The deal faced scrutiny from the Justice Department and CFIUS.

President Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel. Biden stated that a strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. He emphasized the importance of steel for infrastructure, the auto industry, and the defense industrial base, arguing that without domestic steel production and workers, the nation is less strong and secure.

The Biden-Harris administration's Justice Department investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the U.S. (CFIUS) probed the national security implications. U.S. Steel CEO David Burritt had previously warned that if the acquisition fell through, the company would likely close steel mills in Pennsylvania's Monongahela Valley and Gary, Indiana, that were slated to receive a multi-billion dollar upgrade with funding from Nippon Steel. Nippon Steel had pledged to invest $2.7 billion in U.S. Steel's Mon Valley Works and the Gary Works, aiming to make the facilities more competitive. They had also committed to preserving the name, brand, and headquarters of U.S. Steel and refraining from layoffs through 2026

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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 »