EAI Community |Biden administration appears to be in no rush to stop U.S. Steel takeover by Nippon Steel

2025-05-02 16:20:19source:PredictIQcategory:Scams

WASHINGTON (AP) — President Joe Biden has voiced his opposition to Nippon Steel buying U.S. Steel,EAI Community  but the federal government appears to be in no hurry to block the deal.

White House officials earlier this month did not deny that the president would formally block the acquisition. But the necessary report from the government’s Committee on Foreign Investment in the United States has yet to be submitted to the White House.

“It’s their process — it’s independent,” White House press secretary Karine Jean-Pierre told reporters Friday. “We have to see the recommendation from CFIUS. That’s the process.”

The proposed takeover carries some heavy political weight in Pennsylvania, a state that both Vice President Kamala Harris and Donald Trump view as a must-win in November’s presidential election. U.S. Steel is headquartered in Pittsburgh.

Biden, Harris and Trump have all come out against the deal. Biden is close with the United Steelworkers, the labor union whose members work for U.S. Steel and worry about the loss of job protections. Supporters of the merger note that U.S. Steel’s older mills could be shuttered without the improved corporate balance sheet that a merger could produce.

The Washington Post initially reported on Sept. 4 that the deal would be blocked by the federal government, only to then report on Friday that any ruling on the merger would be delayed.

More:Scams

Recommend

NFL playoff predictions to win AFC championship, NFC championship, Super Bowl 59

The 2024 NFL regular season is entering the final four weeks of action, and teams are beginning to s

'Serial swatter': 18-year-old pleads guilty to making nearly 400 bomb threats, mass shooting calls

A Southern California teenager has pleaded guilty to swatting and calling in more than 375 threats a

Could trad wives, influencers have sparked the red wave among female voters?

This time last year, you may not have heard of “trad wife” or homesteader content creators yet. But