News Formal

Biden Blocks Nippon Steel's U.S. Steel Acquisition, Raising Concerns About Company's Future

  • 📰 cbschicago
  • ⏱ Reading Time:
  • 22 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 43%
  • Publisher: 51%

Business News

US Steel,Nippon Steel,Acquisition

The Biden administration blocked Nippon Steel's $15 billion acquisition of U.S. Steel, citing national security and supply-chain concerns. U.S. Steel CEO David Burritt criticized the decision, calling it 'shameful' and 'corrupt,' while industry experts say the move leaves U.S. Steel with limited options for growth and investment.

The Biden administration's move on Friday to block Nippon Steel's proposed purchase of U.S. Steel raises questions about the once iconic American company's future, with industry sources saying the manufacturer could struggle to energize growth or attract rival acquisition bids.President Biden stopped the $15 billion deal over national security and supply-chain concerns.U.S. Steel CEO David B. Burritt blasted the decision, calling Mr.

'Following President Biden's decision, we are left with no choice but to take all appropriate action to protect our legal rights.'The companies added that the transaction would 'revitalize communities' that rely on the steel industry, provide steelworkers with job security and improve the American steel supply chain. Nippon Steel has proposed investing $3 billion in U.S. Steel under the deal.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 546. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

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.
Source: NBCLA - 🏆 319. / 59 Read more »