From Fortune:



President Joe Biden and the White House have expressed concern about the planned acquisition of U.S. Steel by Japan’s Nippon Steel, calling for “serious scrutiny” on the deal. Lael Brainard, director of the National Economic Council, stated that the transaction will be reviewed by the Committee on Foreign Investment in the United States (CFIUS) to investigate any potential impact on national security and supply chain reliability. The deal, worth approximately $14.1 billion, would make U.S. Steel a subsidiary of Nippon and create one of the top three steel-producing companies in the world. CFIUS, chaired by Treasury Secretary Janet Yellen, can block business deals between U.S. firms and foreign investors to protect national security. President Biden has expanded the factors for the committee to consider when reviewing deals and has received opposition from the steelworkers union and political allies in Pennsylvania, who are concerned about the potential impact of foreign ownership of the company. The transaction has caused disagreement and controversy around whether it is in the national interest and benefits American workers.



Original: Biden believes U.S. Steel sale to Japanese competitor warrants ‘serious scrutiny’