A powerful US government panel failed to reach a consensus on the national security risks of Nippon Steel's $15 billion bid to acquire U.S. Steel, prompting President Biden to make the final decision. Biden, who opposes the deal, has 15 days to rule. Some agencies on the panel expressed skepticism over national security concerns, while others highlighted the economic risk of losing potential investments in US steel production. Both Biden and Trump previously pledged to block the acquisition due to concerns about foreign ownership.
FILE – The United States Steel logo is pictured outside the headquarters building in downtown Pittsburgh, April 26, 2010. WASHINGTON — A powerful government panel on Monday failed to reach consensus on the possible national security risks of a nearly $15 billion proposed deal for Nippon Steel of Japan to purchase U.S. Steel, leaving the decision to President Joe Biden, who opposes the deal.
A staff enters doorway next to Nippon Steel logo at the company’s Kashima Plant in Kashima, Japan on Friday, Dec. 6, 2024. Biden, backed by the United Steelworkers, said earlier this year that it was “vital for to remain an American steel company that is domestically owned and operated.”earlier this month on his Truth Social platform to “block this deal from happening.” He proposed reviving U.S. Steel’s flagging fortunes “through a series of Tax Incentives and Tariffs.”
Nippon Steel said Tuesday that it had been informed by CFIUS that it had referred the case to Biden, and urged him to “reflect on the great lengths that we have gone to to address any national security concerns that have been raised and the significant commitments we have made to grow U. S. Steel, protect American jobs, and strengthen the entire American steel industry, which will enhance American national security.
Nippon Steel pledged to invest $2.7 billion in United Steelworkers-represented facilities, including U.S. Steel’s blast furnaces, and promised not to import steel slabs that would compete with the blast furnaces. Chaired by Treasury Secretary Janet Yellen, CFIUS screens business deals between U.S. firms and foreign investors and can block sales or force parties to change the terms of an agreement to protect national security.
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