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Biden Expected To Block Nippon Steel's Acquisition of U.S. Steel

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National Security,Foreign Investment,CFIUS

The 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.

The White House is expected to announce Biden's decision as soon as Friday, according to The Washington Post.Biden had 15 days to approve or block the deal after the CFIUS evaluation reached his desk, which prompted Nippon Steel toThe CFIUS was concerned that, following the acquisition, Nippon Steel could cut the production capacity of U.S. Steel, which would pose a risk to the national security of the United States.

"Potential reduced output by U.S. Steel could lead to supply shortages and delays that could affect industries critical to national security," The Washington Postregarding the transaction, such as keeping U.S. Steel headquartered in Pittsburgh, Pennsylvania, and staffing the board of directors of U.S. Steel with U.S. citizens.

"The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with NSC," said U.S. Steel President and CEO David B. Burritt. But those factors were not enough to sway Biden, who has long publicly opposed the deal. In March, Biden released anU.S. President-elect Donald Trump has also voiced his resistance to Nippon Steel's proposed acquisition.

"I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump said in aCouple won the NYC housing lottery and bought a two-family house in Brooklyn worth $1.1 million for $727,365—take a look inside

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