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Biden Blocks Nippon Steel's US Steel Acquisition

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National Security,Mergers And Acquisitions,Biden Administration

President 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.

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 aSan Bernardino County

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