US Steel review

Major business groups in the U.S. and Japan are urging Treasury Secretary Janet Yellen to resist political influence in the review of Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel. Concerns have arisen following opposition from both presidential candidates, with U.S. Steel warning that blocking the deal could lead to job losses and potential closure of its Pennsylvania operations. The groups, including the U.S. Chamber of Commerce and the Japan Business Federation, argue that the Committee on Foreign Investment in the United States (CFIUS) is being politicized, which threatens the integrity of national security assessments and could harm the U.S. economy. They emphasize that foreign investment is crucial for American jobs, with 7.9 million U.S. workers employed by foreign-owned companies. Nippon Steel's vice president has met with CFIUS members to advocate for the acquisition amid fears that political agendas could derail the deal. The CFIUS has flagged potential national security risks related to steel imports from China, complicating the acquisition process.