X - White House Expresses Concern Over $14.1B US Steel Deal With Japan's Nippon Steel | Benzinga
The White House has voiced apprehensions over the proposed $14.1 billion acquisition of U.S. Steel (NYSE:X) by Japan’s Nippon Steel (OTC:NPSCY), pointing towards potential national security implications and supply chain effects.
What Happened: The Wall Street Journal reported that the deal revealed earlier this week is under “serious scrutiny”, as per a statement issued on Thursday by the Biden Administration’s leading economic adviser, Lael Brainard. The statement indicates that the Committee on Foreign Investment in the United States (CFIUS), which evaluates foreign investment transactions for potential threats to national security, will closely examine the deal.
U.S. Steel and Nippon Steel have publicly declared that they will willingly participate in the CFIUS review process. U.S. Steel, headquartered with several plants in Pennsylvania, referred to Nippon Steel as “a respected and trusted company” dedicated to its workforce, consumers, and local communities.
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