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Biden Blocks $14 Billion Nippon Steel Acquisition of U.S. Steel

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Steel Industry,National Security,Biden Administration

President 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.

President Biden is blocking the proposed $14 billion acquisition of U.S. Steel by Nippon Steel."A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base.

"US STEEL CEO SAYS COMPANY LIKELY TO CLOSE STEEL MILLS IF PROPOSED $14B SALE TO NIPPON STEEL FALLS THROUGHNippon Steel had pledged to invest $2.7 billion in U.S. Steel's Mon Valley Works and the Gary Works as part of a modernization project aimed at making the facilities more competitive with international rivals. Nippon also said it would preserve the name, brand and headquarters of U.S. Steel and refrain from layoffs through 2026 had the deal gone through.

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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.
Bron: FoxBusiness - 🏆 458. / 53 Lees verder »