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

“We need major U.S. companies representing the major share of U.S. steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a statement.

From September: Everything you need to know about the Pa. steel deal at the center of the presidential electionon the possible national security risks of the deal last month, and sent a long-awaited report on the merger to Biden. He had 15 days to reach a final decision. A U.S. official familiar with the matter, who spoke on condition of anonymity, told The Associated Press last month that some federal agencies represented on the panel were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks.

On Friday, Steelworkers President David McCall said the union is grateful for Biden’s move to block the sale and called it the “right move for our members and our national security.” McCall insisted that U.S. Steel has the financial wherewithal to make the company strong and resilient. The announcement came during a tide of renewed political support for rebuilding America’s manufacturing sector and followed a long stretch of protectionistNippon Steel waged a public relations campaign to win over supporters, even offering $5,000 in closing bonuses to U.S. Steel employees, a nearly $100 million expense.

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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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