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

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Economy,Mergers And Acquisitions,Steel Industry

President Joe Biden has rejected the proposed $15 billion deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel, upholding his earlier commitment to prevent the acquisition.

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“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a Friday morning statement.on the possible national security risks of the deal last month, and sent a long-awaited report on the merger to Biden who had 15 days to reach a final decision.Hussein reports on the U.S. Treasury Department for The Associated Press. She covers tax policy, sanctions and any issue that relates to money.

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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.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

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.
Source: NBCLA - 🏆 319. / 59 Read more »