US President Joe Biden blocked Nippon Steel's proposed US$14.9 billion (S$20.4 billion) purchase of US Steel citing national security concerns, in a potentially fatal blow to the deal after a year-long review.
Mr Biden, US President-elect Donald Trump and an influential labour union opposed the effort by Japan's top steelmaker to acquire the iconic American firm, which would have created the world's third-largest steelmaker, according to World Steel Association data.
The path forward is unclear. The companies could sue the US government, another buyer could swoop in for US Steel, or Republicans who favour the deal could urge Trump to find a way to approve it.
Here is what could come next:
THE DEAL ITSELF
The proposed deal has not yet been terminated by the companies even after Mr Biden blocked the deal.
In a joint statement, Nippon and US Steel called Mr Biden's decision "unlawful", and Nippon Steel may file a lawsuit against the US government challenging the procedures behind the decision, Japan's Nikkei business daily reported on Jan 4.
US Steel chief executive David Burritt said on Jan 3: "We intend to fight President Biden's political corruption."
This story is from the January 05, 2025 edition of The Straits Times.
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This story is from the January 05, 2025 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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