Tue Dec 24 04:41:14 UTC 2024: ## Biden to Decide Fate of Nippon Steel’s US Steel Bid After CFIUS Deadlock
**Washington, D.C.** – President Joe Biden will be the final arbiter in the $15 billion proposed takeover of US Steel by Japan’s Nippon Steel, after the Committee on Foreign Investment in the US (CFIUS) failed to reach a consensus on national security implications. The deadlock increases the likelihood of a presidential veto, particularly given Biden’s previously expressed opposition to the deal.
The CFIUS’s inability to agree on Monday leaves the decision solely in Biden’s hands for the next 15 days. He can either approve the acquisition, reject it, or extend the review period. President-elect Donald Trump had also voiced strong opposition.
Both US Steel and Nippon Steel have urged approval, arguing the merger would boost US manufacturing and innovation while countering Chinese competition. They touted the deal as a model for “friendshoring” investments. However, the United Steelworkers (USW) union remains vehemently opposed, citing concerns about job security and the long-term health of the domestic steel industry.
The impasse has created tension between the US and Japan, with Prime Minister Shigeru Ishiba reportedly urging Biden to approve the deal to avoid damaging bilateral relations. While both Republicans and Democrats largely oppose the acquisition, the dispute highlights the complexities of balancing national security concerns with foreign investment and maintaining strong international alliances. The outcome will have significant implications for the future of the American steel industry and US-Japan relations.
First Piper 