MADRID Jan. 3 () –
The outgoing president of the United States, Joe Biden, has decided to block for national security reasons the acquisition of United States Steel Corporation (US Steel) by the Japanese steel company Nippon Steel Corporation in a transaction valued at almost 15 billion dollars (14,536 million euros).
The still tenant of the White House, who will be relieved by Donald Trump on January 20, has defended that the order to block this agreement reflects his “solemn responsibility” as president to ensure that the United States has a strong steel industry of its own.
Thus, in fulfilling that responsibility, the decision to block the transaction will allow US Steel to remain a “proudly American” company, American-owned and operated by unionized American steelworkers.
“Today’s action reflects my unwavering commitment to use all authorities at my disposal as president to defend the national security of the United States,” Biden said, underscoring the importance of ensuring that American companies continue to play a central role in sectors that They are critical to national security.
“I will never hesitate to act to protect the security of this nation and its infrastructure, as well as the resilience of its supply chains,” he added.
The decision on the purchase of US Steel by Nippon Steel was conveyed to the US president on December 23 by the Committee on Foreign Investment in the United States (CFIUS). In this way, Biden had to adopt a resolution within 15 days after the referral of the case in what is likely to be one of his last major decisions as president.
The Japanese steelmaker had announced last week an extension of the deadline to close the transaction until the first quarter of 2025 from the previous indicative date of the third or fourth quarter of 2024, then expressing its confidence that the US president would carry out a fair and based evaluation in facts of the acquisition, also recalling the significant investments planned in US Steel facilities and personnel.
The deal, which was backed in April by US Steel shareholders, was also opposed by President-elect Donald Trump, who had expressed willingness to protect the Pittsburgh-based company through tariffs and tax incentives.
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