Former Secretary of State Mike Pompeo defended the proposed $14 billion deal for Nippon Steel to acquire U.S. Steel and urged President-elect Donald Trump to support the deal ahead of President Biden's decision to block the acquisition.
Pompeo added that while he hoped Biden would allow the deal to go forward, if the White House were to block the deal that he hoped that the incoming Trump administration, which has also expressed opposition to the deal, would "reconsider for the workers of Pennsylvania, who nearly all favor this transaction moving forward, everybody but the senior union liberal leadership… It's good for the community and the Mon Valley." The president's decision comes after U.S.
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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.
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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.
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