Nippon Steel's $15 Billion Bid for U.S. Steel Gains Regional Support Amid CFIUS Review

3 days ago

Nippon Steel's President, Tadashi Imai, announced support from regions housing U.S. Steel (X, Financial) plants for their acquisition proposal. The $15 billion deal awaits approval from President Biden following a review by the Committee on Foreign Investment in the United States (CFIUS). Despite previous opposition from Biden and former President Trump, Imai expressed optimism, citing progress in addressing national security concerns.

Nippon Steel has committed to not using the acquisition to import steel and has promised to safeguard jobs and invest in U.S. facilities essential for growth. A letter from 24 U.S. municipal officials in steel-producing areas urged Biden to approve the deal, emphasizing its economic value.

The United Steelworkers (USW) union remains opposed, questioning Nippon Steel's commitment to the long-term security of U.S. operations. They have urged Biden to maintain U.S. ownership and control. The companies aim to finalize the deal by the end of 2024.

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