X - US Senator Calls For Biden To Review Nippon Steel's Ties To China Amid National Security Concerns | Benzinga
Amid rising tensions over foreign investments in key industries, a U.S. Senator has urged the Biden administration to scrutinize a major steel industry deal.
What Happened: The chair of the U.S. Senate Banking Committee has prompted the White House to investigate Nippon Steel‘s potential acquisition of U.S. Steel Corp (NYSE:X), highlighting national security worries, Reuters reported on Wednesday.
Sen. Sherrod Brown (D-Ohio) expressed his apprehensions in a letter to President Joe Biden, referencing a report by Horizon Advisory that scrutinizes Nippon Steel’s connections with the Chinese steel industry. Brown emphasized the risks the merger could pose to American national and economic security.
Nippon Steel countered the allegations, stating Horizon’s report contained errors and misrepresentations. The company asserted that its operations in China are minimal, making up less than 5% of its total production capacity. The White House has yet to issue a response, and Horizon Advisory has not commented on the matter.
The report by Horizon Advisory outlines Nippon Steel’s historical support ...