Biden administration reportedly to block US Steel sale

The Biden administration is reportedly planning to block Nippon Steel’s $14.9 billion acquisition of U.S. Steel.

Shareholders of U.S. Steel approved the sale to the Japanese -owned company this spring, garnering fierce criticism from former President Donald Trump, Vice President Kamala Harris, and President Joe Biden.

U.S. Steel CEO David Burritt said that if the deal were to fall through, the company would shut down its last steel mill in Pittsburgh and have to move its headquarters south.

The Committee on Foreign Investment in the United States is investigating the acquisition, and it has yet to give a recommendation to the president.

The U.S. Chamber of Commerce is concerned that Biden’s move to block the acquisition could have a “chilling” impact on other foreign companies seeking investments in the U.S.

In addition, Japan is an ally of the U.S., and officials are worried about how it will affect the U.S. relationship with Japan.

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Nippon Steel officials said the company was attracted to make a bid for U.S. Steel because of the Biden administration’s industrial policies.

With reports that the Biden administration is seeking to block the deal, U.S. Steel’s stock price has fallen more than 22%.