Biden Blocks $14 Billion Acquisition of U.S. Steel By Japan's Nippon Steel.

[0311]

WASHINGTON (AP) — President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA’s most storied steel company.

Biden blocks $14 billion acquisition of US Steel by Japan's Nippon Steel

His decision comes after the Committee on Foreign Investment in the United States failed to reach consensus on the possible national security risks of the deal last month, and sent a long-awaited report on the merger to Biden.

apnews.com

The proposed deal kicked up an election year political maelstrom across America’s industrial heartland and blocking it drew a threat of litigation from Nippon Steel.

“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a Friday morning statement.

 

[rightwinger]

Good move by our President

 

[1srelluc]

I'm torn on this one.

It's not like the Japs are going to build a Yamato battleship.

 

[rightwinger]

I'm torn on this one.

It's not like the Japs are going to build a Yamato battleship.

Steel is still a strategic resource

 

[22lcidw]

Good move by our President

What is funny is that when the Japanese started to take control of our automobile industry it was the then Progs that purchased the vehicles en masse. Since they are smarter than Republicans, they said at that time the vehicles were better. The domestic automobile industry started its death knell than.

 

[egp320i]

Nucor should buy them, they are out of NC and actually the largest producer of steel right now, simply fold them in but keep the name and keep them in the USA

 

[shockedcanadian]

The problem with Geopolitics is that todays allies are tomorrows enemies.

I love the Japanese and their loyalty to the West but the world seems to be shifting faster than ever with little notice.

 

[rightwinger]

The problem with Geopolitics is that todays allies are tomorrows enemies.

I love the Japanese and their loyalty to the West but the world seems to be shifting faster than ever with little notice.

Our post WWII alliances have been very stable

 

[struth]

Glad to see xiden at least listening to trump on this one

 

[JoeB131]

The problem with Geopolitics is that todays allies are tomorrows enemies.

I love the Japanese and their loyalty to the West but the world seems to be shifting faster than ever with little notice.

Nations are obsolte. Network got this right 50 years ago and it's still true.

 

[elektra]

It is clear that Biden does not have the cognitive ability to make any decisions so who did this, an advisor like Elon Musk?

Democrats have done zero fir our steel industry, now at the last hour they are acting desperately to pretend that throughout the entire Biden, Obama, Clinton, and Carter administrations they act on behalf of our industry. Pure bullshit.

We need more than this one tiny insignificant act.

 

[mamooth]

What is funny is that when the Japanese started to take control of our automobile industry it was the then Progs that purchased the vehicles en masse. Since they are smarter than Republicans, they said at that time the vehicles were better. The domestic automobile industry started its death knell than.

Um, no. At that time, the unions were voting Democratic.