You are all Chinese to me
President Joe Biden will block Nippon Steel’s acquisition of US Steel after his administration concluded that the $14.9bn transaction posed a national security risk that could not be mitigated by the US and Japanese groups. Several people familiar with the matter said the White House would prevent the acquisition of the Pittsburgh-based group on national security grounds.
Biden’s decision, which is expected in the coming days, comes as Kamala Harris, the Democratic presidential nominee, steps up her campaigning for blue-collar votes in Pennsylvania, a swing state that could decide November’s US election.
Speaking in Pennsylvania on Monday, Harris said the iconic US steelmaker should remain “American owned and American operated”, mirroring the stance that Biden took after Nippon unveiled the deal last year.
Joe Biden set to block Nippon Steel’s takeover of US Steel
President Joe Biden will block Nippon Steel’s acquisition of US Steel after his administration concluded that the $14.9bn transaction posed a national security risk that could not be mitigated by the US and Japanese groups. Several people familiar with the matter said the White House would prevent the acquisition of the Pittsburgh-based group on national security grounds.
Biden’s decision, which is expected in the coming days, comes as Kamala Harris, the Democratic presidential nominee, steps up her campaigning for blue-collar votes in Pennsylvania, a swing state that could decide November’s US election.
Speaking in Pennsylvania on Monday, Harris said the iconic US steelmaker should remain “American owned and American operated”, mirroring the stance that Biden took after Nippon unveiled the deal last year.