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Shares for the United States Steel Corporation fell as President Joe Biden is reportedly planning to block Japan’s Nippon Steel Corporation from purchasing the company.to the outlet “on the condition of anonymity” and revealed that Biden is planning to block a nearly $15 billion deal, selling U.S. Steel to the Japanese company.
The acquisition has been under investigation by the interagency Committe on Foreign Investment in the United States for potential national security implications. A White House official declined to comment but said in a statement that CFIUS had not yet transmitted its recommendatoin to the president. Under the law, the president can block a private transaction only after receiving the panel’s final report., in August, former President Donald Trump vowed to block Nippon Steel from purchasing U.S.
Upon taking office, I will invoke the Defense Production Act wherever it is necessary to quickly ramp up capacity of essential products, and I will stop Japan from buying U.S. Steel.that “without” the sale of U.S. Steel to Nippon Steel, the company would “largely pivot away from its blast furnace facilities,” which would lead “thousands of good-paying union jobs” to be “at risk.
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