President Joe Biden has rejected the proposed acquisition of Pittsburgh-based U.S. Steel by Nippon Steel of Japan, citing national security concerns and the importance of maintaining strong American steel companies. The decision comes after the Committee on Foreign Investment in the United States (CFIUS) failed to reach a consensus on the deal's potential risks.
President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow to block the acquisition of Steeltown USA’s most storied steel company.“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a Friday morning statement.
On Friday, Steelworkers President David McCall said the union is grateful for Biden's move to block the sale and called it the “right move for our members and our national security.”McCall had long questioned Nippon Steel's status as an honest broker for U.S. national trade interests and reiterated that Friday, saying in a statement that “Nippon has proven itself to be a serial trade cheater.
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