Biden Set to Announce Decision on US Steel Deal This Friday
President Biden may soon decide on Nippon Steel’s bid for US Steel, amid concerns from labor unions and national security.
Biden, Nippon Steel, US Steel, Acquisition, Union, National Security, USA
Pittsburgh: So, it looks like President Biden is gearing up to make a big call on whether to greenlight Nippon Steel’s $14.1 billion buyout of US Steel. CBS is saying he might announce something as early as Friday.
Now, Biden’s been pretty vocal about his concerns regarding this deal. He hasn’t outright said he’ll block it, but he’s definitely not on board. He’s been chatting with his top advisers a lot lately, trying to figure out the best move.
Last month, the Committee on Foreign Investment in the US hit a snag and couldn’t come to a decision, so it’s all on Biden now. He’s got until early next week to make up his mind.
This deal first popped up in December 2023, but it’s become a hot topic, especially with the upcoming presidential election. The United Steelworkers union has been pretty vocal against it. Nippon Steel is trying to sweeten the deal with some concessions, like giving the US government a say if they want to cut back on US Steel’s production.
As of now, the White House hasn’t said much, and Nippon Steel hasn’t responded either. US Steel, on the other hand, claims this deal would boost national security and help tackle competition from China.