President Joe Biden has decided to officially block Nippon Steel’s proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorized to speak publicly about the matter. Barring an unforeseen change of heart, which the officials do not expect, a White House announcement of the presidential finding is planned as soon as Friday.
Biden opted to kill the deal despite intense efforts by some of his senior advisers to sway him in recent days, who warned that rejecting a sizable investment from a top Japanese corporation could damage U.S. relations with Japan. Nippon Steel and U.S. Steel have vowed to pursue legal action against the government, claiming it failed to follow proper procedures during its consideration of the acquisition. The president’s action comes after a Dec. 23 report by the interagency committee responsible for reviewing foreign investments in the United States for potential national security concerns. The Committee on Foreign Investment in the United States (CFIUS) said it was unable to reach a consensus on the risks of the Nippon Steel deal, leaving the final verdict with the White House. In its final evaluation of the transaction, the committee warned that after buying U.S. Steel, Nippon Steel could reduce domestic steel output and pose “risks to the national security of the United States.” Among the industries hardest hit in that case would be the transportation and energy sectors, said the panel, chaired by Treasury Secretary Janet L. Yellen. “Potential reduced output by U.S. Steel could lead to supply shortages and delays that could affect industries critical to national security,” the panel concluded
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