According to information from the Washington Post which relies on two anonymous government sources, the future ex-president of the United States Joe Biden should formalize the blocking of the takeover of US Steel by its competitor Nippon Steel. He believes that the steel industry is of strategic importance for the United States, which is the world’s largest importer of steel. On December 23, US Steel declared that the CFIUS (Committee on Foreign Investment in the United States) “was not able to reach a consensus on this transaction.”
Within 15 days, this committee had to decide to approve, block or extend the deadline for examining this operation for an amount close to 15 billion dollars.
Two weeks ago, the White House declared that it wanted to wait for the results of this examination to decide whether or not to block this operation by the Japanese steelmaker.
In December 2023, Japan’s largest steelmaker Nippon Steel Corporation confirmed its plan to buy its American competitor United States Steel for $55 per share in cash, representing a total amount of around $14.1 billion.
source: AOF
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