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.
Biden cited national security concerns in his Jan. 3 decision, saying a strong domestic steel industry is critical for U.S. supply chains.
Cleveland-Cliffs partnering with Nucor on potential bid for U.S. Steel, sources say
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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
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US extends deadline on Nippon's bid for US Steel, offering some hope that the deal is not dead
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Summary
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.
Perspectives
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