The White House, under President Joe Biden's administration, seems poised to prevent the acquisition of U.S. Steel by Nippon Steel, as a government inquiry led by the Committee on Foreign Investment in the United States approaches its conclusion. Sources indicate that Biden, supported by objections from the United Steelworkers union and Vice President Kamala Harris, is inclined to halt the deal, with the final decision pending the official recommendation from the Committee, expected to be finalized this month.
The proposed takeover, announced by Nippon Steel in December of the previous year and approved by U.S. Steel shareholders in April, has faced opposition due to concerns about its impact on domestic manufacturing jobs and the symbolic significance of U.S. Steel as a representation of Pittsburgh's industrial prowess. Former President Donald Trump had also previously declared his intention to block the merger if he were still in office. Statements from both sides indicate a fierce debate over the potential consequences of the deal, with U.S. Steel emphasizing job security and global competitiveness if the acquisition goes through, while critics, including Biden and Harris, fear negative repercussions for American steel manufacturing and local communities.