11 sources·Politics

Biden to Decide on Nippon Steel's Controversial $15 Billion Purchase of U.S. Steel

President Biden faces a crucial deadline to approve or block Nippon Steel's acquisition of U.S. Steel amid national security concerns and union opposition.

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Updated: Dec 24th, 2024, 2:51 PM ET

Summary

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The Committee on Foreign Investment failed to agree on Nippon Steel's $15 billion acquisition of U.S. Steel, returning the decision to President Biden, who opposes the deal. While federal agencies have expressed skepticism over potential national security risks, union representatives and Trump argue it threatens domestic jobs. Both Nippon Steel and U.S. Steel contend that the acquisition could bolster U.S. steel production. Biden has 15 days to finalize his decision, amid pressures from labor unions and the business potential of the deal.

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