WASHINGTON (Reuters) – President Joe Biden has made the decision to officially block Nippon Steel’s proposed acquisition of U.S. Steel, as reported by the Washington Post, citing two administration officials who spoke on condition of anonymity. The Committee on Foreign Investment in the United States (CFIUS) had previously presented the decision to approve or reject the deal to Biden, who is set to leave office on Jan. 20.
Despite some senior advisers expressing concerns that blocking the deal could strain U.S.-Japan relations, Biden opted to reject the acquisition, as per the report. A White House spokesperson declined to provide a comment on the matter, while a source informed Reuters that Biden’s decision was anticipated to be announced by Friday. Nippon Steel’s spokesperson refrained from commenting on the report.
Regarding U.S. Steel, they directed Reuters to a statement released earlier on Thursday, expressing hope that Biden would “do the right thing and adhere to the law by approving a transaction that so clearly enhances U.S. national and economic security.”
(This story corrects the timing attribution of Biden’s decision in paragraph 4)
(Reporting by Devika Nair, Kanishka Singh, and Alexandra Alper; Editing by Sonali Paul and Neil Fullick)
