3 sources·Business

Nippon Steel's Acquisition Bid for U.S. Steel: A New Opportunity Amid Political Resistance

Japan's Nippon Steel gains an extended deadline for its acquisition attempt of U.S. Steel after President Biden blocked the deal over national security concerns.

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  2. US extends deadline on Nippon’s bid for US Steel, offering some hope that the deal is not dead

    Biden nixed the acquisition this month citing a potential threat to national security, though the U.S. Committee on Foreign Investment in the United States, known as CFIUS, failed to reach a consensus on the security issue.

    US extends deadline on Nippon’s bid for US Steel, offering some hope that the deal is not dead

    Boston HeraldBoston Herald·3M
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    This outlet slightly leans right.
  3. US extends deadline on Nippon's bid for US Steel, offering some hope that the deal is not dead

    Even after the election, Trump wrote on social media in December that he is “totally against” U.S. Steel being bought by a foreign company and said he would block the deal as president.

    US extends deadline on Nippon's bid for US Steel, offering some hope that the deal is not dead

    Associated PressAssociated Press·3M
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    Center
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  1. CNBC
  2. Boston Herald
  3. Associated Press
Updated: Jan 13th, 2025, 3:52 PM ET

Summary

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Japan's Nippon Steel might revive its acquisition bid for U.S. Steel following an extension granted by the Biden administration. This extension, influenced by divided opinions in CFIUS, comes after Biden blocked the deal citing national security risks. U.S. Steel's shares rose as potential new negotiations emerge, amidst political opposition from both Democratic and Republican leaders. Meanwhile, rival Cleveland Cliffs proposes a cash bid for U.S. Steel, keeping its headquarters in Pittsburgh. The future of the steel industry's landscape remains uncertain as legal battles and political pressures unfold over ownership and labor rights.

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