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US Steel
The bid by Japan's Nippon Steel to buy US Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal. The new deadline, now in mid-June, was viewed by US Steel and investors as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal. Biden nixed the acquisition this month citing a potential threat to national security, though the US Committee on Foreign Investment in the United States, known as CFIUS, failed to reach a consensus on the security issue. We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," US Steel said in a statement Sunday. "We look forward to completing the transaction, which secures the be
Ahead of his trip, the State Department said that Blinken wanted to build on the momentum of US-Japan-South Korea trilateral cooperation
Second lawsuit is against Cleveland-Cliffs, its CEO Lourenco Goncalves, and USW union President David McCall "for their illegal and coordinated actions" aimed at preventing the deal
President Joe Biden blocked the USD 15 billion acquisition of US Steel by Japan's Nippon Steel on Friday something he had first vowed to do in March. His decision comes after the Committee on Foreign Investment in the United States, known as CFIUS, failed to reach consensus on the possible national security risks of the deal last month. The rise of US Steel, a storied American company, runs parallel to the arrival of America on the world stage. With roots dating to the late 19th century, US Steel has produced the materials used for everything from the nation's bridges and skyscrapers, to its tanks and battleships. Following is a brief history of the company. The origins of a manufacturing giant What eventually became the largest corporation in the world was created by J.P. Morgan and others who financed the merger of Andrew Carnegie's Carnegie Steel Co. with rival Federal Steel at the start of the 20th century. It instantly became the world's first USD 1 billion company. In 1907
The proposed tie-up has faced high-level opposition within the United States since it was announced a year ago, with both Biden and his incoming successor Donald Trump taking aim
statement comes after shares of US Steel tumbled more than 10 per cent on Tuesday afternoon following a Bloomberg report suggesting the deal would be killed in short order
Japanese PM Shigeru Ishiba wrote to Biden, who has referred the deal to a government panel that reviews foreign investments for national security risks, asking him to approve the transaction
The president-elect remains mum on the deal just as a top Nippon Steel executive readies a trip to Pittsburgh to persuade rank-and-file union members and politicians
The U.S. government has yet to approve Nippon Steel's $14.9 billion bid for U.S. Steel, a politically sensitive deal due to opposition from the U.S. firm's labour union
authorities' review of the U.S. Steel deal, a senior company official said
Robust CFIUS reviews take 90 days but it is common for companies to withdraw their filings and resubmit them to give them more time to address the panel's concerns
Some advisers said that the Nippon Steel deal was complicated by the US presidential election, with many Republican and Democratic lawmakers voicing opposition to it
US Steel had earlier warned that a failure to conclude a deal with Japan-based Nippon would put thousands of US union jobs at risk
Nippon Steel has been looking to end cooperation with Baoshan, a subsidiary of state-owned China Baowu Steel Group, the world's largest steelmaker for about two years
President Joe Biden believes serious scrutiny is warranted for the planned acquisition of US Steel by Japan's Nippon Steel, the White House said Thursday after days of silence on a transaction that has drawn alarm from the steelworkers union. Lael Brainard, the director of the National Economic Council, indicated the deal would be reviewed by the secretive Committee on Foreign Investment in the United States, which she participates in and includes economic and national security agency representatives to investigate national security risks from foreign investments in American firms. She said in a statement that Biden believes the purchase of this iconic American-owned company by a foreign entity even one from a close ally appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability. This looks like the type of transaction that the interagency Committee on Foreign Investment Congress empowered and the Biden administration ...
The buy would reverse ArcelorMittal's retreat from US as a production base
In April, the president began twin investigations into imports of steel and aluminum under the little used Section 232 of a 1962 trade law
It cited a failure by Essar, the Indian energy and resources conglomerate, to provide evidence of its financial ability to own and operate the company