Prez Biden to rule on Nippon Steel's $15 billion US Steel bid
Mint New Delhi|December 25, 2024
Letting Nippon Steel take over US Steel may lead to lower domestic steel output, says CFIUS
Reuters

Nippon Steel's $15 billion bid for US Steel has been referred to US President Joe Biden, a White House spokesman said, giving the president 15 days to decide on a tie-up he has previously said he opposes.

The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments in the US for national security risks, referred the deal to Biden after it was unable to reach a consensus, the companies and two people aware of the matter said.

That gives Biden, who has long opposed the tie-up, 15 days to block the deal. If he takes no action in that time, the merger would get an unexpected greenlight.

"We received the CFIUS evaluation and the President will review it," White House spokeswoman Saloni Sharma said.

The referral to Biden paves the way for the deal to be killed before President-elect Donald Trump takes office.

This story is from the December 25, 2024 edition of Mint New Delhi.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the December 25, 2024 edition of Mint New Delhi.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM MINT NEW DELHIView All
Mint New Delhi

Inflation targeting: It should not constrain Indian manufacturing

Monetary policymakers should analyse the price dynamics of the entire basket of items that make up India's national income

time-read
3 mins  |
December 25, 2024
Mint New Delhi

We could expect East Asia to spring some surprises in 2025

China, Hong Kong and Vietnam will be under watch for a reason

time-read
3 mins  |
December 25, 2024
Mint New Delhi

Full of sound and fury: What the Bard may say of 2024

From central bank actions to Trump's ideas, there was plenty that inspires a Shakespearean look-back

time-read
4 mins  |
December 25, 2024
Mint New Delhi

Trump's tariffs will not eliminate the dollar's exorbitant privilege

Exporters to the US may want to shift trade into other currencies but the dollar won't be dethroned

time-read
4 mins  |
December 25, 2024
Mint New Delhi

AP split leaves state-backed bondholders high and dry

Investors await payments as Andhra and Telangana dispute AP power bonds post-bifurcation

time-read
4 mins  |
December 25, 2024
Mint New Delhi

We must approach tech transformations with due care

How we deal with technology is getting highly complex. It's the reason we must exercise fine judgement

time-read
4 mins  |
December 25, 2024
Mint New Delhi

INTERNATIONAL ETFs ARE TRADING AT A PREMIUM: WHAT SHOULD INVESTORS DO?

Most successful investors remain informed, agile, and approach investments strategically

time-read
3 mins  |
December 25, 2024
Mint New Delhi

A BONE THIEF IN UKRAINE'S BACKYARD

Ukrainian officials say the Russians continue their efforts to repatriate the remains of Soviet war dead

time-read
7 mins  |
December 25, 2024
Mint New Delhi

Simplifying estate planning: The value of expert guidance

Do I need the help of a professional estate planner? Should I opt for a will or trust? Which is effective?

time-read
2 mins  |
December 25, 2024
Mint New Delhi

Samsung plans to re-enter ACs market

Samsung is planning to launch over a dozen models of inverter ACs for its 2025 lineup.

time-read
1 min  |
December 25, 2024