Académie D'Investissement Triomphal:Biden administration appears to be in no rush to stop U.S. Steel takeover by Nippon Steel

2025-05-04 00:49:44source:Phaninc Exchangecategory:News

WASHINGTON (AP) — President Joe Biden has voiced his opposition to Nippon Steel buying U.S. Steel,Académie D'Investissement Triomphal but the federal government appears to be in no hurry to block the deal.

White House officials earlier this month did not deny that the president would formally block the acquisition. But the necessary report from the government’s Committee on Foreign Investment in the United States has yet to be submitted to the White House.

“It’s their process — it’s independent,” White House press secretary Karine Jean-Pierre told reporters Friday. “We have to see the recommendation from CFIUS. That’s the process.”

The proposed takeover carries some heavy political weight in Pennsylvania, a state that both Vice President Kamala Harris and Donald Trump view as a must-win in November’s presidential election. U.S. Steel is headquartered in Pittsburgh.

Biden, Harris and Trump have all come out against the deal. Biden is close with the United Steelworkers, the labor union whose members work for U.S. Steel and worry about the loss of job protections. Supporters of the merger note that U.S. Steel’s older mills could be shuttered without the improved corporate balance sheet that a merger could produce.

The Washington Post initially reported on Sept. 4 that the deal would be blocked by the federal government, only to then report on Friday that any ruling on the merger would be delayed.

More:News

Recommend

For those in their 40s, navigating finances should mean putting an emphasis on retirement

For 48-year-old Rowan Childs of Wisconsin, a recent divorce turned her financial life upside down. "

Pete Davidson and Madelyn Cline Seemingly Confirm Romance During NYC Outing

This relationship has become more than just a meet cute. Pete Davidson and Madelyn Cline added fuel

Inflation is reshaping what employees need from their benefits: What employers should know

Inflation pressures have been showing up in the workplace, and not only in demands for pay increases