President Biden has blocked the planned $14 billion acquisition of U.S. Steel by Nippon Steel, citing national security concerns and the importance of a robust domestic steel industry.
President Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel. Biden cited the importance of a strong domestically owned and operated steel industry for national security and resilient supply chains. He argued that steel is crucial for infrastructure, the auto industry, and the defense industrial base. The Biden-Harris administration's Justice Department investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the U.S.
(CFIUS) examined its national security implications. U.S. Steel CEO David Burritt had warned that if the acquisition fell through, the company might close mills in Pennsylvania and Indiana that were slated for upgrades with Nippon Steel's investment. Nippon Steel had pledged $2.7 billion for modernization projects at U.S. Steel's Mon Valley Works and Gary Works, aiming to make them more competitive. They also promised to preserve U.S. Steel's name, brand, headquarters, and avoid layoffs through 2026
NATIONAL SECURITY STEELINDUSTRY ACQUISITION ANTITRUST FOREIGN INVESTMENT
United States Latest News, United States 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.
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.
Read more »
Biden Blocks US Steel Sale to Japan's Nippon SteelPresident Biden has decided to block the $14.1 billion acquisition of US Steel by Japan's Nippon Steel, citing national security concerns.
Read more »
Biden Blocks Nippon Steel's U.S. Steel Takeover BidPresident Biden blocked Nippon Steel's takeover bid of U.S. Steel, citing national security concerns. Tesla shares dropped after reporting a decline in annual deliveries, while bitcoin surged 3% after a dip at the end of the previous year.
Read more »
Biden Blocks Nippon Steel's Takeover Bid of U.S. SteelU.S. President Joe Biden has blocked Nippon Steel's $14.9 billion takeover bid of U.S. Steel citing national security concerns. Shares of Tesla fell after the company reported its first drop in annual delivery numbers.
Read more »
Biden Blocks Nippon Steel's Takeover of US Steel, Tesla Shares Drop on Delivery DeclineU.S. President Joe Biden is blocking Nippon Steel's $14.9 billion bid to acquire U.S. Steel, citing national security concerns. Meanwhile, Tesla shares fell after reporting their first annual drop in deliveries.
Read more »