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  5. US Steel takeover blocked by Biden

US Steel takeover blocked by Biden

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US President Joe Biden has vetoed Nippon Steel's $14.9 billion takeover bid for US Steel, citing national security concerns. The deal, which had been approved by the second-largest US steelmaker, would have provided a critical lifeline of capital for the beleaguered American icon. However, the Committee on Foreign Investment in the United States failed to reach consensus on the possible national security risks of the deal. Biden's decision comes after he previously vowed to block the acquisition in March, and shares in US Steel dropped 7% in New York.

  1. US
    US Steel Corp
    1. Unfortunately, it sends a chilling message to any company based in a U.S. allied country contemplating significant investment in the United States.
  2. US
    Joe Biden
    Democratic Party
    1. This acquisition would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains.
    2. It is important that we maintain strong American steel companies powered by American steel workers.
    3. We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America's national interests.
    4. A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. That is because steel powers our country: our infrastructure, our auto industry and our defence industrial base. Without domestic steel production and domestic steel workers, our nation is less strong and less secure.
    5. Steel production – and the steelworkers who produce it – are the backbone of our nation.
  3. US
    Mike Pompeo
    Republican Party
    1. There are strong concerns from the economic circles of both Japan and the US, and especially from Japanese industry regarding future investments between Japan and the US, and the Japanese government has no choice but to take this matter seriously.
  4. JP
    Nippon Steel
    1. The president's statement and order do not present any credible evidence of a national security issue, making clear that this was a political decision.
  5. US
    David McCall
    USW International
    1. We're grateful for President Biden's willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers.

US and Nippon Steel Merger

  1. US Steel and Nippon Steel file lawsuits over blocked merger deal with Biden administration

sources

  1. 1.France 24
  2. 2.CTV News
  3. 3.Le Monde
  4. 4.The Guardian
  5. 5.The New York Times
  6. 6.DW News
  7. 7.The Times
  8. 8.South China Morning Post
  9. 9.Al Jazeera
  10. 10.BBC
  11. 11.CNA News
  12. 12.Agence France-Presse

perspectives

  1. 1.US Politics
  2. 2.US under Joe Biden
  3. 3.US Economy
  4. 4.Mining industry
  5. 5.Steel industry
  6. 6.Japanese economy

countries

  1. 1.BrazilBR
  2. 2.CanadaCA
  3. 3.ChinaCN
  4. 4.IndiaIN
  5. 5.JapanJP
  6. 6.Korea, Democratic People's Republic ofKP
  7. 7.MexicoMX
  8. 8.United StatesUS

organizations

  1. 1.US Steel CorpUS
  2. 2.Nippon SteelJP
  3. 3.United Steelworkers
  4. 4.US Foreign Investment Commission
  5. 5.USW International
  6. 6.Democratic PartyUS
  7. 7.White HouseUS
  8. 8.Republican Party
  9. 9.Fitch
  10. 10.Truth Social
  11. 11.Anglo American
  12. 12.Balfour Beatty

persons

  1. 1.Joe BidenUS
  2. 2.Donald TrumpUS
  3. 3.David McCallUS
  4. 4.Janet YellenUS
  5. 5.Shigeru IshibaJP
  6. 6.Mehreen Khan
  7. 7.James David VanceUS
  8. 8.Tom Howard
  9. 9.Alan Rappeport
  10. 10.Ben Martin
  11. 11.Jack Barnett
  12. 12.John KirbyUS

technicals

  1. 1.White House Rose Garden
  2. 2.Make America Great Again
  3. 3.Pacific Ocean
US Steel takeover blocked by Biden