The News
The sale of US Steel to a Japanese company is in US President Joe Biden’s hands after a vetting panel was unable to reach an agreement.
Nippon Steel agreed the $15 billion takeover more than a year ago, but US lawmakers expressed security concerns over placing a major American company in foreign hands.
A national security committee was evenly split on whether the deal posed a risk, so the decision is Biden’s. US Steel itself said the deal was necessary to “combat the competitive threat from China,” but Biden has publicly expressed opposition, so is widely expected to block it. Such a decision could undermine the important US-Japan relationship.
AD