Posted 12/21/2023, 11:00:34 PM
Biden Raises National Security Concerns Over Proposed Purchase of U.S. Steel by Japanese Company
- Biden believes the proposed purchase of U.S. Steel by Japanese company Nippon Steel deserves "serious scrutiny" due to potential national security and supply chain concerns
- The deal could face review and potential blocking by the Committee on Foreign Investment in the United States (CFIUS)
- The United Steelworkers union opposes the sale, as do some Rust Belt politicians who want a CFIUS review
- The Defense Department requires a portion of U.S. steel production for weapons and defense systems
- U.S. Steel and Nippon Steel expect a CFIUS review of the transaction