President Joe Biden plans to announce that he is blocking a $14.3 billion acquisition of US Steel by Japan’s Nippon Steel, an administration official told CNN, marking a significant use of executive authority in the closing days of his administration. The announcement is likely to be made on Friday, the official said. The move, which was first reported in the Washington Post and New York Times, is not a surprise but could have implications for future foreign investment in American companies.
” The United Steelworkers union has strongly opposed the deal since the moment it was announced, arguing that Nippon has not given it sufficient guarantees that it would protect unionized jobs at some of the company’s older mills staffed by union members. But Biden’s opposition to the deal may not be the final say: Nippon and US Steel have vowed to fight to win approval of the deal in court even if the Biden or incoming Trump administration tries to block it.
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