Biden Stands Firm Amid Nippon Steel's Billion-Dollar Bid for U.S. Steel

U.S. President Joe Biden reiterated his opposition to Nippon Steel's $14.9 billion bid for U.S. Steel, even as the administration extends a national security review. The proposed merger, facing scrutiny from the Committee on Foreign Investment in the United States, remains controversial given its implications for national security and its political sensitivities ahead of the presidential election.

U.S. President Joe Biden reaffirmed on Friday his opposition to Nippon Steel's $14.9 billion bid for U.S. Steel despite the administration's decision to extend a national security review of the proposed tie-up.

In response to reporters' questions, Biden maintained, "I haven't changed my mind," dashing hopes among deal backers that the proposed merger might receive approval from the Committee on Foreign Investment in the United States, which examines foreign investments for national security risks. Nippon Steel and U.S. Steel have not yet commented.

The review was delayed earlier this month, raising speculation that a decision would be postponed until after the November 5 presidential election. This delay had given supporters of the merger some optimism. However, both Biden and his political opponents remain steadfast that U.S. Steel should stay American-owned.

(With inputs from agencies.)