U.S. Blocks Japanese Steel Takeover

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Nippon Steel

NBC News

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Biden's opposition to U.S. Steel takeover could test ties with key ally Japan

Summary

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72% Informative

President Joe Biden is preparing to formally block the proposed takeover of U.S. Steel by Nippon Steel .

Biden says he is concerned about national security concerns.

Japan is used to the twists and turns of presidential campaigns and understands that the Democrats are keen to appeal to Rust Belt voters.

The United Steelworkers union, whose members are part of an important voting bloc, vehemently opposes the deal.

“And through this particular case, he is defining clearer than ever before that no foreign acquisition can be bought from a sector that’s considered critical, even if it’s from a country that is an ally of the United States .” Kingston said the hope in Japan was that this was not the last word on the deal. “ Maybe Japan Inc. is hoping that once the dust clears after the election, sense will prevail,” he said. Arata Yamamoto reported from Tokyo , and Jennifer Jett reported from Hong Kong ..

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formal

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English

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not hateful