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Biden Blocks Nippon Steel's Acquisition of US Steel

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National Security,Merger,Steel Industry

President Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel, citing national security concerns and the importance of a strong domestic steel industry.

President Biden has blocked the proposed $14 billion acquisition of US Steel by Nippon Steel, citing national security concerns. Biden stated that a strong domestically owned and operated steel industry is essential for resilient supply chains, as steel is critical for infrastructure, the auto industry, and the defense industrial base. The Biden-Harris administration's Justice Department investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the U.S.

(CFIUS) looked into its national security implications. US Steel CEO David Burritt had warned that if the deal fell through, the company would likely close steel mills in Pennsylvania and Indiana that were planned to receive a multi-billion dollar upgrade from Nippon Steel. Nippon Steel had pledged to invest $2.7 billion in US Steel's Mon Valley Works and Gary Works to modernize the facilities and make them more competitive with international rivals. Nippon also stated it would preserve US Steel's name, brand, and headquarters and avoid layoffs through 2026 had the deal been successful

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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.
출처: NBCPhiladelphia - 🏆 569. / 51 더 많은 것을 읽으십시오 »

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.
출처: NBCLA - 🏆 319. / 59 더 많은 것을 읽으십시오 »