Biden Opposes Sale of US Steel to Japanese Company

Published on March 14, 2024

When the historic American company U.S. Steel announced in December that it had struck a $14.9 billion deal to sell the company to Japan-based Nippon Steel Corporation, Washington politicians immediately spoke of blocking the transaction. U.S. Sens. Bob Casey (D-Pa.) and John Fetterman (D-Pa.), and Rep. Chris Deluzio (D-Pa.) sent a letter in December to Treasury Secretary Janet Yellen, chair of the Committee on Foreign Investment in the United States (CFIUS), urging CFIUS to block the proposed acquisition. At the time, President Joe Biden’s administration said the plan deserved “serious scrutiny,” but he was noncommittal in his position. Now, in a Thursday statement, President Biden has come out in clear opposition....

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