Biden Administration Blocks US Steel-Nippon Steel Merger

Biden administration blocked the deal over alleged national security concerns. The decision came weeks after a federal committee declined to issue a recommendation on the U.S. Steel-Nippon Steel deal, leaving Biden an opportunity to block the agreement. The Committee on Foreign Investment in the United States (CFIUS), which is tasked with a review of the potential acquisition, shared concerns about the national security risks posed by the loss of a key domestic steel producer. U.S.

Steel and Japan-based Nippon Steel sued the Biden administration on Monday over a decision made last week to block a merger between the two companies. A proposed $14 trillion acquisition of the second-largest domestic steel producer by Nippon would threaten U.S. national security, the Biden administration said. The two companies allege in their lawsuit that election-season political considerations undermined formal government review of the merger. The lawsuit alleges that the Biden administration used the government review process as a pretext to reject the merger as a favor to the United Steelworkers (USW) labor union. “President Biden’s Order is the culmination of a months-long campaign to subvert and exploit the United States’ national security apparatus for the purpose of keeping a promise made by the President and his advisors to the USW leadership,” Nippon Steel and U.S. Steel said Monday in a statement outlining their lawsuit. According to U.S. Steel and Nippon Steel, Biden first announced plans to block the merger in March 2024, before CFIUS began its review of the national security implications of the deal. USW holds a large concentration of workers in the influential swing state of Pennsylvania, U.S

대한민국 최근 뉴스, 대한민국 헤드 라인

Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

Nippon Steel says it's suing Biden admin for blocking US Steel acquisitionNippon Steel and U.S. Steel have filed a lawsuit challenging the Biden administration's order to block the nearly $15 billion deal for the Japanese company to buy the American steelmaker.
출처: FoxBusiness - 🏆 458. / 53 더 많은 것을 읽으십시오 »

Nippon Steel Extends US Steel Acquisition Deadline as Biden Weighs BlockNippon Steel has pushed back the closing date for its acquisition of U.S. Steel to the first quarter of 2025, from a previous target of late 2024. The decision comes as President Joe Biden considers whether to block the deal, citing concerns about foreign ownership of the company.
출처: nbcchicago - 🏆 545. / 51 더 많은 것을 읽으십시오 »

Biden decides to block Nippon Steel's $15 billion acquisition of U.S. Steel: ReportThe White House is expected to announce U.S. President Joe Biden’s decision to block Nippon Steel’s $15 billion takeover bid of U.S. Steel on Friday.
출처: NBCDFW - 🏆 288. / 63 더 많은 것을 읽으십시오 »

Biden Expected To Block Nippon Steel's Acquisition of U.S. SteelThe White House is expected to announce President Biden's decision to block Nippon Steel's proposed acquisition of U.S. Steel as early as Friday. The Committee on Foreign Investment in the United States (CFIUS) raised concerns that the deal could pose a risk to national security by potentially reducing U.S. Steel's production capacity. Despite assurances from U.S. Steel regarding the deal's benefits, including maintaining its headquarters in Pittsburgh and a U.S.-based board of directors, Biden has long opposed the transaction.
출처: NBCNewYork - 🏆 270. / 63 더 많은 것을 읽으십시오 »

Biden to Block $14.3 Billion US Steel Acquisition by Nippon SteelPresident Joe Biden plans to use his executive authority to block the $14.3 billion acquisition of US Steel by Japan's Nippon Steel, citing potential national security risks. The decision, expected on Friday, comes after months of political debate and scrutiny over foreign control of a historically significant American industry.
출처: cnni - 🏆 326. / 59 더 많은 것을 읽으십시오 »