PUBLISHED : 22 Dec 2023 at 08: 15
Nippon and US Steel asked a federal interagency panel to review their proposed $14.1 billion deal following protests on Capitol Hill. (Photo: AFP)
WASHINGTON – A proposed deal that would see US Steel Corp bought by Japan’s Nippon Steel should be closely investigated by American authorities, the White House said Thursday, warning it could have national security implications.
Unveiling the planned transaction this week, the two companies depicted the deal as a marriage of the holders of top technologies that would boost steel output and accelerate efforts toward decarbonization.
But US Steel’s possible sale abroad has triggered furious criticism in Washington and from trade unions.
President Joe Biden “believes the purchase of this iconic American-owned company by a foreign entity — even one from a close ally — appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability,” National Economic Advisor Lael Brainard said in a statement.
The White House
Read More