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Biden Blocks Nippon Steel's Acquisition of U.S. Steel

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US Steel,Nippon Steel,Acquisition

President Joe Biden has rejected the proposed $15 billion deal for Japan's Nippon Steel to purchase Pittsburgh-based U.S. Steel, upholding his March vow to block the acquisition. Biden stated the need for major U.S. companies to maintain a leading role in the steel industry for national interests.

<p>WASHINGTON — President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S.

</p><p>His decision comes after the Committee on Foreign Investment in the United States, known as CFIUS, failed to reach consensus on the possible national security risks of the deal last mont

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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.
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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.
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