“We are considering this as an important option,” Tadashi Imai, president of Nippon Steel, told reporters on Monday in televised remarks confirmed by CNN. “I think we can take action, including announcing , without taking too much time.” On Friday, Biden said he was blocking the controversial $14.3 billion acquisition, marking a significant use of executive authority in the closing days of his administration. He cited the need to protect national security and supply chains.
The deal was not supported by the United Steelworkers , the union representing American steel workers, which commended Biden’s decision as the “right move for our members and our national security.” The USW said US Steel’s recent financial performance showed it could “easily remain a strong and resilient company,” USW International President David McCall said in a statement.
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Nippon Steel Extends US Steel Acquisition Deadline as Biden Weighs BlockNippon Steel has pushed back the closing date for its acquisition of U.S. Steel to the first quarter of 2025, from a previous target of late 2024. The decision comes as President Joe Biden considers whether to block the deal, citing concerns about foreign ownership of the company.
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Biden decides to block Nippon Steel's $15 billion acquisition of U.S. Steel: ReportThe White House is expected to announce U.S. President Joe Biden’s decision to block Nippon Steel’s $15 billion takeover bid of U.S. Steel on Friday.
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Biden Expected To Block Nippon Steel's Acquisition of U.S. SteelThe White House is expected to announce President Biden's decision to block Nippon Steel's proposed acquisition of U.S. Steel as early as Friday. The Committee on Foreign Investment in the United States (CFIUS) raised concerns that the deal could pose a risk to national security by potentially reducing U.S. Steel's production capacity. Despite assurances from U.S. Steel regarding the deal's benefits, including maintaining its headquarters in Pittsburgh and a U.S.-based board of directors, Biden has long opposed the transaction.
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