President Joe Biden is prepared to block Japan's Nippon Steel's proposed acquisition of US Steel, two sources familiar with the matter said.
Chris Isidore, Kayla Tausche and Arlette Saenz, CNNPresident Joe Biden is prepared to block Japan's Nippon Steel 's proposed acquisition of US Steel, two sources familiar with the matter said., two sources familiar with the matter said, a move that would deal a major blow to the $14 billion merger that has become a lightning rod in an election year as candidates on both sides of the aisle vow to protect American manufacturing.
One source said the president's announcement could come as early as this week, but cautioned the timing remains fluid. "Since the outset of the regulatory review process, we have been clear with the administration that we do not believe this transaction creates any national security concerns," according to the statement. "US Steel and the entire American steel industry will be on much stronger footing because of Nippon Steel's investment in US Steel - an investment that Nippon Steel is the only willing and able party to do so.
The president had previously outlined opposition to the deal in March, saying it is "vital for it to remain an American steel company that is domestically owned and operated." "Those investments are subject to the closing of the transaction with US Steel and receipt of necessary regulatory approvals," US Steel said. "A stand-alone US Steel would not make the same financial commitments."
If the latter is the case, the political opposition to the deal and Biden's action would give the union some bargaining leverage as well. Without the union changing its position and supporting the deal, it's unlikely that the political opposition to the deal will change. But it is still not a company that politicians who enjoy talking about the American greatness want to see fall into foreign hands.
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