U.S. Treasury Secretary Comments on Foreign Direct Investment Amid Steel Merger Controversy

U.S. Treasury Secretary Janet Yellen stated that the U.S. welcomes foreign direct investment but rigorously reviews deals for national security concerns. She refrained from commenting on the Biden administration's reported plan to block Nippon Steel's $14.9 billion acquisition of U.S. Steel. The merger faces opposition from both Democrats and Republicans.

U.S. Treasury Secretary Janet Yellen reiterated on Thursday that the United States welcomes foreign direct investment but conducts thorough reviews of deals for national security implications. She avoided commenting on reports that President Joe Biden's administration might block the U.S. Steel-Nippon Steel merger.

Speaking to reporters in North Carolina, Yellen emphasized that the ultimate decision on national security concerns in foreign acquisitions rests with President Biden. Various news outlets, including Reuters, reported on Wednesday that the administration may block Nippon Steel's $14.9 billion acquisition of U.S. Steel on the grounds of national security risks to the American steel industry.

The proposed merger has drawn opposition from numerous political figures. Vice President Kamala Harris stated her preference for U.S. Steel to remain 'American owned and operated,' while former President Donald Trump has also pledged to block the deal if re-elected. Yellen highlighted the rigorous review process designed to advise the president on these matters.