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Maroc Maroc - NEWSDELIVERS.COM - A La Une - 05/Sep 09:20

White House Hints at Blocking US Steel Sale to Nippon Steel

The White House has signaled an openness to blocking Nippon Steel's acquisition of US Steel, as it continues to review the Japanese company's takeover plans. Newspaper The Washington Post reported Wednesday that President Joe Biden planned to halt the deal. A White House official, speaking on condition of anonymity to discuss the matter, did not deny the report and said Biden still had to receive a formal recommendation from the Committee on Foreign Investment in the United States (CFIUS). That review could end as early as this month. Biden has voiced his objections to the proposed merger, backing his supporters in the United Steelworkers union who oppose the acquisition deal. The objections are justified because US Steel is headquartered in the state of Pennsylvania and is a symbol of Pittsburgh's industrial strength in an election year where Republicans and Democrats alike are promising more domestic manufacturing jobs. Vice President Kamala Harris, who is also the Democratic presidential nominee, this week also voiced opposition to the deal. Meanwhile, former President Donald Trump, the Republican nominee, has said he would block the merger if he were still in the White House. Meanwhile, US Steel shares fell about 17% on news that Biden …

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smh.com.au - 04/Sep 19:52

The deal would have created the third-largest global steelmaker in a bid to compete with Chinese rivals on the global stage.

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smh.com.au - 04/Sep 19:52

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