Biden to decide on Nippon Steel's acquisition of US Steel amid national security concerns
Date
12/24/2024 3:47:05 AM
(MENAFN) According to two sources familiar with the situation, a committee of top government officials has informed President Joe Biden that it has not reached an agreement on whether a sale of US Steel to a Japanese rival poses a national security risk.
The fate of Nippon Steel's Acquisition of US Steel is now in the hands of Biden, who is anticipated to oppose the deal after pushing for months that the company should remain American-owned to protect domestic steel workers. The Washington Post was the first to report on the committee's review.
Throughout the months-long study, CNN has reported that the Committee for Foreign Investment in the United States, or CFIUS, has been unable to agree on whether the agreement was more than just a political lightning rod and constituted a threat to national security.
A committee's final report typically influences the president's assessment of the possible risks associated with an agreement. The committee, which is made up of senior representatives from the president's Cabinet agencies in charge of national security matters, is chaired by Treasury.
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