President Joe Biden speaks at an event to award the Presidential Citizens Medal to recipients in the East Room at the White House, Thursday, Jan. 2, 2025, in Washington. WASHINGTON — President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA’s most storied steel company.“We need major U.S.
A U.S. official familiar with the matter, who spoke on condition of anonymity, told The Associated Press last month that some federal agencies represented on the panel were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks. Biden previously came out against the deal during the presidential campaign — and was backed by the United Steelworkers, concerned over whether the company would honor existing labor agreements or slash jobs, as well as over the firm’s financial transparency., while he was still seeking reelection to the presidency before dropping out of the race. “U.S.
McCall insisted that U.S. Steel — which is profitable and reported $1.8 billion on its balance sheet — has the financial wherewithal to make the company strong. Nippon Steel’s offer was a “huge windfall” for executives and investors, but not for America or workers, McCall said.
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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.
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Biden Blocks $14 Billion US Steel Acquisition by Nippon SteelPresident Biden has 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. The Biden-Harris administration investigated the deal on antitrust and national security grounds. The decision comes after U.S. Steel CEO warned of potential closures of steel mills in Pennsylvania and Indiana if the sale fell through.
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Biden Blocks $14 Billion Acquisition of U.S. Steel by Nippon SteelPresident Biden has blocked the proposed acquisition of U.S. Steel by Nippon Steel, citing national security concerns and the importance of a strong domestic steel industry. The deal faced scrutiny from the Justice Department and CFIUS.
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Biden Blocks $14 Billion U.S. Steel Acquisition by Nippon SteelPresident Biden announced the blocking of the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, citing the importance of domestic steel production for U.S. national security. This decision aligns with the Biden administration's broader efforts to safeguard U.S. markets from foreign entities.
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Biden Blocks $14 Billion Acquisition of U.S. Steel by Nippon SteelPresident Biden blocked the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, citing national security concerns.
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