Grayson  Preston|Biden administration appears to be in no rush to stop U.S. Steel takeover by Nippon Steel

2025-04-29 09:41:10source:EAI Community category:Scams

WASHINGTON (AP) — President Joe Biden has voiced his opposition to Nippon Steel buying U.S. Steel,Grayson  Preston but the federal government appears to be in no hurry to block the deal.

White House officials earlier this month did not deny that the president would formally block the acquisition. But the necessary report from the government’s Committee on Foreign Investment in the United States has yet to be submitted to the White House.

“It’s their process — it’s independent,” White House press secretary Karine Jean-Pierre told reporters Friday. “We have to see the recommendation from CFIUS. That’s the process.”

The proposed takeover carries some heavy political weight in Pennsylvania, a state that both Vice President Kamala Harris and Donald Trump view as a must-win in November’s presidential election. U.S. Steel is headquartered in Pittsburgh.

Biden, Harris and Trump have all come out against the deal. Biden is close with the United Steelworkers, the labor union whose members work for U.S. Steel and worry about the loss of job protections. Supporters of the merger note that U.S. Steel’s older mills could be shuttered without the improved corporate balance sheet that a merger could produce.

The Washington Post initially reported on Sept. 4 that the deal would be blocked by the federal government, only to then report on Friday that any ruling on the merger would be delayed.

More:Scams

Recommend

Meet first time Grammy nominee Charley Crockett

Country music singer Charley Crockett was born and raised in Texas, grew up in a single-wide trailer

Massive honeybee colony takes over Pennsylvania home; thousands removed from walls

A Pennsylvania homeowner found herself in a potentially sticky situation when she discovered thousan

Run to Lululemon's We Made Too Much to Get a $106 Dress for $39, $58 Bra for $24 & More

We independently selected these products because we love them, and we hope you do too. Shop with E!