https://www.washingtonpost.com/business/2025/01/02/biden-blocks-nippon-us-steel-deal/
> President Joe Biden has decided to officially block Nippon Steel’s proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorized to speak publicly about the matter.
>
> Barring an unforeseen change of heart, which the officials do not expect, a White House announcement of the presidential finding is planned as soon as Friday.
>
> . . .
>
> The president’s action comes after a Dec. 23 report by the interagency committee responsible for reviewing foreign investments in the United States for potential national security concerns. The Committee on Foreign Investment in the United States (CFIUS) said it was unable to reach a consensus on the risks of the Nippon Steel deal, leaving the final verdict with the White House.
>
> In its final evaluation of the transaction, the committee warned that after buying U.S. Steel, Nippon Steel could reduce domestic steel output and pose “risks to the national security of the United States.” Among the industries hardest hit in that case would be the transportation and energy sectors, said the panel, chaired by Treasury Secretary Janet L. Yellen.
>
> . . .
>
> The collapse of Nippon Steel’s proposed $14.9 billion acquisition represents a victory for United Steelworkers union president David McCall. A fourth-generation steelworker who rose to lead the union following the 2023 death of his predecessor, McCall objected to the deal from the moment it was announced in December 2023.
Disappointing, though not surprising. I hope the report is wrong, but it sounds like they’re confident the deal is dead.
ArcaneAccounting on
It really sucks being politically homeless. I don’t get what’s so terrible about this merger. It helps literally every stakeholder. It’s so upsetting seeing everyone in the US turn on free trade. We’re in for some dark times, I’m afraid.
Nautalax on
So when they go bankrupt y’all think it’ll be bailed out or left to decay
4 Comments
Disappointing
Excerpt:
https://www.washingtonpost.com/business/2025/01/02/biden-blocks-nippon-us-steel-deal/
> President Joe Biden has decided to officially block Nippon Steel’s proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorized to speak publicly about the matter.
>
> Barring an unforeseen change of heart, which the officials do not expect, a White House announcement of the presidential finding is planned as soon as Friday.
>
> . . .
>
> The president’s action comes after a Dec. 23 report by the interagency committee responsible for reviewing foreign investments in the United States for potential national security concerns. The Committee on Foreign Investment in the United States (CFIUS) said it was unable to reach a consensus on the risks of the Nippon Steel deal, leaving the final verdict with the White House.
>
> In its final evaluation of the transaction, the committee warned that after buying U.S. Steel, Nippon Steel could reduce domestic steel output and pose “risks to the national security of the United States.” Among the industries hardest hit in that case would be the transportation and energy sectors, said the panel, chaired by Treasury Secretary Janet L. Yellen.
>
> . . .
>
> The collapse of Nippon Steel’s proposed $14.9 billion acquisition represents a victory for United Steelworkers union president David McCall. A fourth-generation steelworker who rose to lead the union following the 2023 death of his predecessor, McCall objected to the deal from the moment it was announced in December 2023.
Disappointing, though not surprising. I hope the report is wrong, but it sounds like they’re confident the deal is dead.
It really sucks being politically homeless. I don’t get what’s so terrible about this merger. It helps literally every stakeholder. It’s so upsetting seeing everyone in the US turn on free trade. We’re in for some dark times, I’m afraid.
So when they go bankrupt y’all think it’ll be bailed out or left to decay