Biden Calls for Serious Scrutiny of Proposed Nippon Steel Acquisition of U.S. Steel over National Security Concerns
-
President Biden believes the proposed acquisition of U.S. Steel by Nippon Steel deserves "serious scrutiny" regarding national security and supply chain impact.
-
The deal will be reviewed by the Committee on Foreign Investment in the U.S. (CFIUS), which can block or force changes to deals to protect national security.
-
CFIUS was recently expanded and now considers more factors like supply chain reliability when reviewing deals.
-
The steelworkers union and some top Pennsylvania Democrats have already expressed opposition to the deal.
-
U.S. Steel would keep its name and Pittsburgh headquarters but become a subsidiary of Nippon Steel under the $14 billion cash acquisition.