By Free Republic | Created at 2025-01-03 16:12:30 | Updated at 2025-01-09 08:43:34
5 days ago
Biden blocks $14.1B sale of US Steel to Japanese buyer, citing national security concerns
NY POST ^ | Published Jan. 3, 2025, 7:07 a.m. ET | By Taylor Herzlich
Posted on 01/03/2025 8:06:28 AM PST by dennisw
President Joe Biden on Friday moved to block the multi-billion-dollar sale of US Steel to Japan’s Nippon Steel, citing national security concerns.
The Committee on Foreign Investment in the US has been reviewing the $14.1 billion deal on whether it poses security risks for months. On Dec. 23, CFIUS said it was at a standstill, leaving the issue up to Biden.
The president’s decision is a major use of executive power on a heavily-politicized election year issue. His announcement comes with just over two weeks left in his term. President-elect Donald Trump had vowed to crush the deal when he returns to office for his second term.
US Steel shares plunged 8% premarket on Friday. US Steel did not immediately respond to a request for comment, and Nippon declined to comment.
CFIUS had reached a stalemate on its review of the deal on concerns that Nippon’s large size and overseas mills might threaten US Steel’s own output, according to correspondence between the committee and Nippon Steel viewed by The Wall Street Journal.
(Excerpt) Read more at nypost.com ...
TOPICS: Foreign Affairs; Government; News/Current Events
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1 posted on 01/03/2025 8:06:28 AM PST by dennisw
To: dennisw
Japan evidently hasn’t given Biden enough grift money like China has.
2 posted on 01/03/2025 8:08:01 AM PST by Tell It Right (1 Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
To: dennisw
Thank God. He did one decent thing before he left.
3 posted on 01/03/2025 8:10:16 AM PST by jimbug
To: dennisw
I usually have an opinion about most things. Here, I am agnostic. I’m interested in the view of Freepers, especially any that have personal knowledge of the steel industry.
4 posted on 01/03/2025 8:11:11 AM PST by oldplayer
To: dennisw
UnAmerican Dems sat on their azz and did nothing. But once Trump said he would kill this Big Steel sellout deal, the Dems decided to steal the credit.
Potato Joe was out of the decision loop. He just had to say some words off a teleprompter, and not screw that up.
5 posted on 01/03/2025 8:11:32 AM PST by dennisw
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