Biden to block US Steel sale to Japanese buyer

Biden to block US Steel sale to Japanese buyer

The Washington Post reports that US President Joe Biden block the deal despite his advisers' concerns it could damage US-Japan relations.

The Committee on Foreign Investment in the US referred the decision on Nippon Steel’s purchase of US Steel to US President Joe Biden, who will leave office on Jan 20. (EPA Images pic)
WASHINGTON:
US President Joe Biden has decided to officially block Nippon Steel’s proposed purchase of US Steel, the Washington Post reported, citing two administration officials who were not authorised to speak publicly about the matter.

The Committee on Foreign Investment in the US (CFIUS) had previously referred the decision to approve or block the deal to Biden, who will leave office on Jan 20.

Biden’s call to block the deal was taken despite contrary efforts by some of his senior advisers over concerns that it could damage US-Japan relations, the report said.

A White House spokesman declined to comment on the report.

A source told Reuters a decision by Biden was expected as soon as Friday. A spokesman for Nippon Steel declined to comment on the report.

US Steel directed Reuters to a statement shared earlier yesterday that said it hoped “Biden will do the right thing and adhere to the law by approving a transaction that so clearly enhances US national and economic security”.

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