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Biden blocks sale of US Steel, citing national security
The Straits Times
|January 04, 2025
US President Joe Biden on Jan 3 followed through on his pledge to block Nippon Steel's US$14.9 billion (S$20.4 billion) bid for US Steel, citing concerns the deal could hurt national security.
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The move, long expected, cuts off a critical lifeline of capital for the beleaguered American icon, which has said it would have to idle key mills without the nearly US$3 billion in promised investment from the Japanese firm.
It also represents the final chapter in a high-profile national security review, led by the Committee on Foreign Investment in the United States (CFIUS), which vets investment for national security risks and had until Dec 23 to approve, extend the timeline or recommend Mr Biden block the deal.
The proposed tie-up had faced high-level opposition within the US since it was announced a year ago, with both Mr Biden and his incoming successor Donald Trump taking aim at it as they sought to woo union voters in the swing state of Pennsylvania, where US Steel is headquartered.
This story is from the January 04, 2025 edition of The Straits Times.
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