Biden Faces Crucial Decision on Nippon Steel's U.S. Steel Acquisition

U.S. President Joe Biden is expected to announce his decision on Nippon Steel's acquisition of U.S. Steel. The deal, referred to Biden by CFIUS, faces opposition from the United Steelworkers union and politicians. Biden's decision, crucial for national and economic security, could be automatically approved if no action is taken.

President Joe Biden is poised to make a significant determination regarding Nippon Steel's acquisition of U.S. Steel, with an announcement expected as soon as Friday. CBS News reported the potential decision, based on insights from individuals familiar with the proceedings.

The Committee on Foreign Investment in the United States (CFIUS) recently passed the decision on to Biden. The move has generated interest due to its implications for national and economic security. Meanwhile, the White House remains silent on the matter, with no comments made on Thursday.

Despite antagonism from the United Steelworkers union and politicians, U.S. Steel anticipates adherence to lawful proceedings in obtaining approval. If Biden opts not to act, the merger will be automatically greenlit. However, Biden prefers domestic ownership of U.S. Steel, a stance contrasting with the recent approach of President-elect Donald Trump, who plans to block the deal.

(With inputs from agencies.)