At the end of December, a US government committee failed to reach a consensus on the question of whether the planned takeover threatened US national security. Therefore, the matter was referred to the President by the CFIUS committee. Biden is legally bound to decide on the project within 15 days. The Washington Post wrote that in recent days some advisers had tried to change the president’s mind because blocking such a large investment could worsen US relations with Japan.
The planned takeover was announced in December 2023. The purchase price is said to be 14.9 billion dollars (13.4 billion euros).
Nippon Steel and US Steel had appealed to Biden to give the project the green light. The takeover is “by far the best way to ensure” that US Steel will continue to be successful in the future. They have already announced legal action if the deal is not approved.
Trade unionists have spoken out against the takeover and described the Japanese company’s assurances as unreliable. The proposed transaction represents “corporate greed, a sell-out of American workers and a threat to the long-term future of the domestic steel industry and our national security,” said USW union boss David McCall.
