Posted on 12/22/2023 8:30:46 PM PST by SeekAndFind
President Joe Biden believes “serious scrutiny” is warranted for the planned acquisition of U.S. Steel by Japan’s Nippon Steel, the White House said Thursday after days of silence on a transaction that has drawn alarm from the steelworkers union.
Lael Brainard, the director of National Economic Council, indicated the deal would be reviewed by the secretive Committee on Foreign Investment in the United States, which includes economic and national security agency representatives to investigate national security risks from foreign investments in American firms.
She said in a statement that Biden “believes the purchase of this iconic American-owned company by a foreign entity — even one from a close ally — appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability.” “This looks like the type of transaction that the interagency Committee on Foreign Investment Congress empowered and the Biden administration strengthened is set up to carefully investigate,” she said. “This administration will be ready to look carefully at the findings of any such investigation and to act if appropriate.”
Under the terms of the approximately $14.1 billion all-cash deal announced Monday, U.S. Steel will keep its name and its headquarters in Pittsburgh, where it was founded in 1901 by J.P. Morgan and Andrew Carnegie. It will become a subsidiary of Nippon The combined company will be among the top three steel-producing companies in the world, according to 2022 figures from the World Steel Association.
Chaired by Treasury Secretary Janet Yellen, the CFIUS screens business deals between U.S. firms and foreign investors and can block sales or force parties to change the terms of an agreement for the purpose of protecting national security.
The committee’s powers were significantly expanded in 2018 through an act of Congress called the Foreign Investment Risk Review Modernization Act
(Excerpt) Read more at msn.com ...
I guess Sloe Joe has found some Japanese cash in his stocking also?
American workers plus Japanese execs is the best combo. No exorbitant salaries, compensations, or golden parachutes.
Just how many acres of farmland in this country have been bought up by China or Bill Gates again?
President Retard was hoping to sell that to his Chinese buddies
By “White House” I presume the “media turd rollers” mean Bidenskyyyyy’s Millie and Zero Gravity advisors.
“We’re bigger than Nippon Steel.”
Union vote pissed off so Joe must get involved for the good of the company workers.
What’s good for Nippon Steel is good for America ...
Japan is different than China. Do you want to be at the table or on the menu?
AK Steel is the merger of Armoco and Kawasaki
Japanese don’t like the Unions gumming up production. I understand why the Unions don’t like this.
That may be so, but selling America to foreign interests is NOT a good idea!
So what’s 10% of US Steel these days?
Without correcting U.S. market and labor forcings the choices are:
1. Let the sale happen.
2. Watch America’s steel industry end production.
Would you have said that in 1940? Friends aren't forever.
Joetato grea$ing the wheel.
Must be that Xi has whispered in Joe’s ear that he wants the company.
The irony is that US CEOs would be more likely to offshore and outsource jobs than Japanese CEOs.
Sad but true.
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