Ov Finance|Biden administration appears to be in no rush to stop U.S. Steel takeover by Nippon Steel

2025-05-07 22:01:24source:Winning Exchangecategory:My

WASHINGTON (AP) — President Joe Biden has voiced his opposition to Nippon Steel buying U.S. Steel,Ov Finance 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:My

Recommend

Why did Bill Belichick go to North Carolina? New UNC coach explains jump to college

Bill Belichick has officially made the shocking move to college football by becoming the North Carol

Death of migrant girl was a preventable tragedy that raises profound concerns about U.S. border process, monitor says

The death of an 8-year-old girl in U.S. Border Patrol custody in May was a "preventable tragedy" tha

Temu and Shein in a legal battle as they compete for U.S. customers

In a few short years, China-based apps Shein and Temu have surged within the U.S. consumer landscape