US Steel and Japan’s Nippon Steel on Monday sued the US government in a bid to revive their $14 billion merger after
Biden moved to block the merger on Friday after the Committee on Foreign Investment in the US punted on making a decision after a yearlong review process. The president said he was killing the merger over national security concerns. Some of Biden’s senior advisers have also expressed concerns that blocking the deal could hurt relations with Japan, a close ally and major investor in US businesses, according to the Washington Post.
Nippon’s offer, which was first announced in December 2023, immediately faced heat from politicians and union leaders. Both Democratic and Republican lawmakers slammed the deal and treated it as a symbol of the erasure of US-owned companies. CFIUS reportedly hit a stalemate on its review of the deal on concerns that Nippon’s large size and overseas mills might threaten US Steel’s own output, according to correspondence between the committee and Nippon Steel viewed by The steelmaking companies also filed a lawsuit on Monday against Cleveland-Cliffs, a US steel company that previously tried to buy US Steel, and its chief executive, along with David McCall, president of the powerful United Steelworkers union.
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Biden Blocks $14 Billion U.S. Steel Acquisition by Nippon SteelPresident Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel, citing national security and antitrust concerns.
출처: FoxBusiness - 🏆 458. / 53 더 많은 것을 읽으십시오 »
Biden Blocks $14 Billion Nippon Steel Acquisition of U.S. SteelPresident Biden 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. Biden emphasized the critical role of steel in infrastructure, the auto industry, and national defense. The deal faced scrutiny from the Justice Department on antitrust grounds and the Committee on Foreign Investment in the U.S. (CFIUS) on national security implications.
출처: fox5ny - 🏆 587. / 51 더 많은 것을 읽으십시오 »
Biden Blocks $14 Billion US Steel Acquisition by Nippon SteelPresident 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. The Biden-Harris administration investigated the deal on antitrust and national security grounds. The decision comes after U.S. Steel CEO warned of potential closures of steel mills in Pennsylvania and Indiana if the sale fell through.
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Biden Blocks $14 Billion Acquisition of U.S. Steel by Nippon SteelPresident Biden has blocked the proposed acquisition of U.S. Steel by Nippon Steel, citing national security concerns and the importance of a strong domestic steel industry. The deal faced scrutiny from the Justice Department and CFIUS.
출처: fox32news - 🏆 547. / 51 더 많은 것을 읽으십시오 »
Biden Blocks $14 Billion U.S. Steel Acquisition by Nippon SteelPresident Biden announced the blocking of the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, citing the importance of domestic steel production for U.S. national security. This decision aligns with the Biden administration's broader efforts to safeguard U.S. markets from foreign entities.
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Biden Blocks $14 Billion Acquisition of U.S. Steel by Nippon SteelPresident Biden blocked the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, citing national security concerns.
출처: abc7newsbayarea - 🏆 529. / 51 더 많은 것을 읽으십시오 »