- Reuters
UPDATE 1-Biden determined to keep US Steel in US hands, White House says
President Joe Biden remains determined to make sure U.S. Steel Corp remains in American hands, the White House said on Thursday. "The president remains determined to make sure that U.S. Steel stays in American hands, as he has said," said spokesperson John Kirby. Three Republican senators wrote to the Democratic president earlier on Thursday, calling on him to use emergency powers to block the sale of the Pittsburgh-based company to Japan's Nippon Steel.
- Reuters
UPDATE 2-Japan's Nippon Steel sticks to plan to close U.S. Steel deal by year-end
Japan's top steelmaker, Nippon Steel, is sticking to its plan to close a deal by year-end to buy U.S. Steel, which it expects to boost output and profits, the company said on Thursday, despite resistance to the transaction in the U.S. In December, Nippon Steel offered nearly $15 billion to take over iconic U.S. Steel, drawing resistance from both President Joe Biden and Donald Trump, his likely challenger in the Nov. 5 election, as well as the United Steelworkers (USW) union. "U.S. Steel products will remain mined, melted and made in America and will continue supplying further sophisticated steel products to American industry," Nippon Steel said.
- Reuters
EU clears $14.9 billion purchase of U.S. Steel by Japan's Nippon
The approval by the European Commission was expected to be a formality but in the U.S., the deal is facing resistance from several lawmakers worried about national security and U.S. Steel's union, which is concerned about job losses. While U.S. President Joe Biden has said Pennsylvania-based U.S. Steel should remain domestically owned, Republican front runner for the presidential race, Donald Trump said he would block the deal if elected.
