Biden May Block Nippon Steel's $14B Acquisition

The Biden administration is expected to block Nippon Steel's $14 billion acquisition of U.S. Steel, a move widely seen as politically motivated rather than based on national security concerns. The decision is influenced by the upcoming election and the administration's alignment with the United Steelworkers union, with Pennsylvania being a critical swing state. Nippon Steel Vice Chairman Takahiro Mori is set to meet with senior U.S. officials to salvage the deal. Both U.S. Steel and Nippon Steel argue there are no national security risks, emphasizing the potential positive impact on the U.S. steel industry and warning of job losses if the acquisition is blocked. Former President Donald Trump and Vice President Kamala Harris have also opposed the deal. The Committee on Foreign Investment in the United States (CFIUS) is expected to deliver its recommendation soon.