A US national security panel has deadlocked when voting on the sale of United States Steel Corp. to Nippon Steel Corp.
The deadlock leaves an opportunity for President Joe Biden to block the takeover. On Monday night, a White House statement read, “we received the Cfius evaluation and the president will review it.”
President-elect Donald Trump took to X to promise that he would block the acquisition; however, the timeline of the transaction indicates the issue will be resolved before he takes office.
“During the 15-day period that the president has to make a final decision, we urge him to reflect on the great lengths that we have gone to address any national security concerns that have been raised and the significant commitments we have made to grow US Steel, protect American jobs, and strengthen the entire American steel industry,” Nippon Steel stated.
US Steel said the deal “forges an alliance in steel to combat the competitive threat from China. This is a transaction that should be approved on its merits.”
By CEO NA Editorial Staff
