Current:Home > MarketsBiden administration appears to be in no rush to stop U.S. Steel takeover by Nippon Steel-LoTradeCoin
Biden administration appears to be in no rush to stop U.S. Steel takeover by Nippon Steel
View Date:2024-12-24 00:21:05
WASHINGTON (AP) — President Joe Biden has voiced his opposition to Nippon Steel buying U.S. Steel, but the federal government appears to be in no hurry to block the deal.
White House officials earlier this month did not deny that the president would formally block the acquisition. But the necessary report from the government’s Committee on Foreign Investment in the United States has yet to be submitted to the White House.
“It’s their process — it’s independent,” White House press secretary Karine Jean-Pierre told reporters Friday. “We have to see the recommendation from CFIUS. That’s the process.”
The proposed takeover carries some heavy political weight in Pennsylvania, a state that both Vice President Kamala Harris and Donald Trump view as a must-win in November’s presidential election. U.S. Steel is headquartered in Pittsburgh.
Biden, Harris and Trump have all come out against the deal. Biden is close with the United Steelworkers, the labor union whose members work for U.S. Steel and worry about the loss of job protections. Supporters of the merger note that U.S. Steel’s older mills could be shuttered without the improved corporate balance sheet that a merger could produce.
The Washington Post initially reported on Sept. 4 that the deal would be blocked by the federal government, only to then report on Friday that any ruling on the merger would be delayed.
veryGood! (984)
Related
- Tesla issues 6th Cybertruck recall this year, with over 2,400 vehicles affected
- Miami Heat, New Orleans Pelicans win play-in games to claim final two spots in NBA playoffs
- South Dakota man sentenced to nearly 90 years in prison for his baby son’s 2021 death
- Tesla recalls nearly 4,000 Cybertrucks due to faulty accelerator pedal
- Olivia Munn Randomly Drug Tests John Mulaney After Mini-Intervention
- Tesla recalls nearly 4,000 Cybertrucks due to faulty accelerator pedal
- New York Attorney General Letitia James opposes company holding Trump's $175 million bond in civil fraud case
- You Can Watch Taylor Swift and Post Malone’s “Fortnight” Music Video With a Broken Heart
- Round 2 in the Trump-vs-Mexico matchup looks ominous for Mexico
- NBA games today: Everything to know about playoff schedule on Sunday
Ranking
- Chris Evans Shares Thoughts on Starting a Family With Wife Alba Baptista
- AP Photos: A gallery of images from the Coachella Music Festival, the annual party in the desert
- Senate passes reauthorization of key US surveillance program after midnight deadline
- Cold case playing cards in Mississippi jails aim to solve murders, disappearances
- Homes of Chiefs’ quarterback Mahomes and tight end Kelce were broken into last month
- Psst! Coach Outlet Has So Many Cute Bags on Sale Right Now, and They’re All Under $100
- Trump Media tells Nasdaq short sellers may be using potential market manipulation in DJT shares
- David Pryor, former governor and senator of Arkansas, dies at age 89
Recommendation
-
13 escaped monkeys still on the loose in South Carolina after 30 were recaptured
-
How Blacksburg Books inspires its Virginia community to shop local
-
White Green: Gold Market Trend Analysis for 2024
-
London Marathon pays tribute to last year’s winner Kelvin Kiptum, who died in car crash
-
Suspect arrested after deadly Tuskegee University homecoming shooting
-
A bitcoin halving is imminent. Here's what that means.
-
A Wisconsin caretaker claims her friend was drinking an unusual cocktail before her death. Was she poisoned?
-
Researchers at Michigan Tech Want to Create a High-Tech Wood Product Called Cross-Laminated Timber From the State’s Hardwood Trees