Biden to block Nippon Steel takeover of US Steel on Friday
Published in Business News
President Joe Biden has decided to block the sale of United States Steel Corp. to Japan’s Nippon Steel Corp., according to three people with knowledge of the matter.
The White House announcement of the decision is planned for Friday, some of the people said. The people requested anonymity to discuss a senstitive issue.
The Washington Post earlier reported the move.
The president has indicated his opposition to the proposed $14.1 billion acquisition, though the White House has never said outright that he would block the deal. The Committee on Foreign Investment in the United States last month deadlocked on its review over the purchase and left the final call with Biden. He has until early next week to make a decision.
The deal, first announced in December 2023, became a political issue during the U.S. presidential election campaign after fierce opposition arose from the influential United Steelworkers union. The ensuing review centered on whether the sale of the storied American company would amount to a national security risk.
US Steel didn’t respond to a request for comment. Nippon Steel declined to comment early Friday.
(Stephen Stapczynski contributed to this report.)
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