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Biden to decide on US Steel and Nippon Steel alone
Shocking statements are coming from US President Joe Biden! He is ready to single-handedly make decisions regarding US Steel and Nippon Steel. This seems incredible.
The president had to step in after the Committee on Foreign Investment in the United States (CFIUS) failed to agree on potential national security risks posed by the planned acquisition of United States Steel Corp. (US Steel) by Japan’s Nippon Steel.
In the end, CFIUS officials turned to Joe Biden, outlining their findings on the deal. The president now has 15 days to decide whether to approve it or sign a rejection. Previously, Joe Biden, like his predecessor Donald Trump, planned to block the deal.
Currently, Nippon Steel officials express confidence that the deal will be approved if it is objectively assessed. They also urge the president to consider efforts aimed at mitigating potential US national security threats.
US Steel’s management argues that the deal will strengthen both America’s national and economic security. The company supports creating a strategic alliance to counter competition from China.
Under the agreement, US Steel will retain its name and headquarters in Pittsburgh, where it was founded in 1901. Nippon Steel, on its part, is ready to invest $2.7 billion to upgrade the aging facilities of the American company.
Following this news, US Steel’s stock dropped by 2.8%. Meanwhile, Nippon Steel’s shares rose by 0.9%.
Published 28 December 2024
© InstaFintech Group
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© InstaFintech Group
