President Biden has blocked the proposed acquisition of U.S. Steel by Nippon Steel, invoking national security concerns. 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.
Biden has blocked the proposed takeover of U.S. Steel by Nippon Steel, citing national security concerns. The deal faced opposition from the Committee on Foreign Investment in the United States (CFIUS), which failed to reach a consensus on the potential risks to U.S. security. Nippon Steel and U.S. Steel had argued that the merger would strengthen the American steel industry and create jobs. They pledged not to reduce production capacity in the U.S. for a decade without government approval.
Biden's decision marks the first time a U.S. president has blocked a merger between a U.S. and Japanese firm. He stated that a strong domestically owned and operated steel industry is crucial for national security
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