Posted 4/2/2024, 5:07:59 PM
Biden Urged to Probe Nippon Steel-U.S. Steel Deal Over China Ties
- U.S. Senate Banking Committee chair urges Biden to investigate Nippon Steel's ties to China over national security concerns regarding its proposed acquisition of U.S. Steel Corp
- Nippon Steel built China's first modern steel complex in 1978 and currently operates 9 facilities in China
- Report cites concerns over Nippon Steel's connections to China's military-civil fusion strategy and quest for global power
- White House sees steel as critical to national security and Biden said U.S. Steel should stay U.S.-owned
- Numerous U.S. lawmakers, unions oppose the $14.9 billion Nippon Steel-U.S. Steel deal over job security fears, while Nippon claims it can help U.S. Steel grow