Biden’s objection to U.S. Steel’s takeover by Nippon shows politics colliding with national-security decisions
Posted on AllSides March 15th, 2024
From The Center
ANALYSIS
President Joe Biden came out forcefully against Nippon Steel’s planned acquisition of U.S. Steel on Thursday, stressing the importance of maintaining “strong American steel companies powered by American steel workers.”
Biden’s statement sent U.S. Steel shares X, 0.39% tumbling more than 6% as investors surmised that the deal — currently under review by the Committee on Foreign Investment in the United States, or CFIUS — is likely dead in the face of presidential opposition.
Federal law grants the president broad authority to block foreign purchases of domestic assets that are deemed to be...
