President Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel. Biden stated on Friday, '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. Without domestic steel production and domestic steel workers, our nation is less strong and less secure'.
Biden previously expressed opposition to the deal, stating that U.S. Steel should remain an American-owned and American-operated firm. The Biden-Harris administration's Justice Department investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the U.S. (CFIUS) probed the national security implications of the deal. This decision comes after U.S. Steel CEO David Burritt warned that if the firm's acquisition by Nippon Steel fell through, the company would likely close steel mills in Pennsylvania's Monongahela Valley and Gary, Indiana, that had been slated to receive a multi-billion dollar upgrade with cash infused by Nippon following the completion of the sale. 'We wouldn't do that if the deal falls through,' Burritt told The Wall Street Journal in an interview. 'I don't have the money.' Nippon 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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