Chicago – December 22, 2023
Despite Japan being a “close ally,” the White House believes Nippon Steel’s bid to buy US steel should be investigated on national security grounds. In a statement issued on Thursday, it also raised concern about the deal’s possible impact on supply chain reliability.
The $15 billion (£12 billion) purchase of the 122-year-old steelmaker would establish one of the world’s largest steel businesses. However, the powerful United Steelworkers (USW) union criticized the agreement as “shortsighted.”
Lael Brainard, Joe Biden’s national economic adviser, stated in a statement that the US president considered “the purchase of this iconic American-owned company by a foreign entity—even one from a close ally—appears to deserve serious scrutiny.”
Ms. Brainard went on to say that President Biden sees US Steel as a “core component” of overall American steel manufacturing.
