FILE – The United States Steel logo is pictured outside the headquarters building in downtown Pittsburgh, April 26, 2010. WASHINGTON — A powerful government panel on Monday failed to reach consensus on the possible national security risks of a nearly $15 billion proposed deal for Nippon Steel of Japan to purchase U.S. Steel, leaving the decision to President Joe Biden, who opposes the deal.
A staff enters doorway next to Nippon Steel logo at the company’s Kashima Plant in Kashima, Japan on Friday, Dec. 6, 2024. Biden, backed by the United Steelworkers, said earlier this year that it was “vital for to remain an American steel company that is domestically owned and operated.”earlier this month on his Truth Social platform to “block this deal from happening.” He proposed reviving U.S. Steel’s flagging fortunes “through a series of Tax Incentives and Tariffs.”
Nippon Steel said Tuesday that it had been informed by CFIUS that it had referred the case to Biden, and urged him to “reflect on the great lengths that we have gone to to address any national security concerns that have been raised and the significant commitments we have made to grow U. S. Steel, protect American jobs, and strengthen the entire American steel industry, which will enhance American national security.
Nippon Steel pledged to invest $2.7 billion in United Steelworkers-represented facilities, including U.S. Steel’s blast furnaces, and promised not to import steel slabs that would compete with the blast furnaces. Congress significantly expanded the committee’s powers through the 2018 Foreign Investment Risk Review Modernization Act, known as FIRRMA.
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