High-Stakes Steel Deal: Biden's Decision Looms

A $15 billion merger agreement sees Nippon Steel bid for US Steel, sparking national security concerns. The Committee on Foreign Investment in the U.S. presented their report to President Biden, who now has to make a decision. The deal involves economic stakes, union concerns, and potential foreign ownership risks.

On Monday, a government advisory panel failed to reach an agreement on potential national security threats posed by a $15 billion deal in which Nippon Steel of Japan would purchase US Steel. The decision now rests with President Joe Biden, noted for his opposition to the deal.

The Committee on Foreign Investment in the U.S. (CFIUS) delivered its report on the merger to Biden. He has 15 days to decide on the future of the deal, emphasizing national security and economic ramifications. Concerns persist over Japanese ownership of a key American company, although Nippon Steel plans significant investments.

Union leaders and political opponents, including former President Donald Trump, voice worries about foreign control, risking both jobs and steel production. As Nippon Steel pledges substantial U.S. investments, it faces the challenge of addressing local and union apprehensions.

(With inputs from agencies.)