According to the Washington Post, the American president is opposed to this project, the amount of which amounts to 14.9 billion dollars. A decision that could deteriorate relations between the United States and Japan.
President Joe Biden has decided to block Nippon Steel's proposed $14.9 billion takeover of US Steel, the Washington Post reported, relying on two anonymous government sources. The White House is expected to announce the choice of the American president on Friday, barring a last-minute change of heart, which the two officials do not anticipate, according to the newspaper.
Joe Biden decided to block the deal despite efforts in recent days by some of his top advisers, who warned that rejecting a major investment from a major Japanese company could harm relations between Washington and Tokyo, writes the daily Thursday. The presidency did not immediately comment on this information. A panel responsible for assessing the consequences of the possible takeover on the national security of the United States refused to rule at the end of December, referring the question to the outgoing American president, who had 15 days to decide.
Also read
Takeover of US Steel: Nippon Steel slams “inappropriate” political opposition in the United States against the project
An operation in the heart of the American countryside
Joe Biden, like Republican President-elect Donald Trump, have already repeatedly expressed their opposition to this marriage of nearly 15 billion dollars announced in December 2023. Joe Biden believes that the steel industry is of a strategic nature for the United States, which is the world's leading importer of steel. The operation found itself at the heart of the 2024 US presidential campaign, when Pennsylvania emerged as a key state and the United Steelworkers (USS) union vigorously opposed the merger. Nippon Steel described the transaction as a lifeline for Pennsylvania's badly weakened steel industry. The Japanese steel giant and US Steel have vowed to sue the government, saying it failed to follow proper procedures when reviewing the acquisition.
