President Joe Biden announced plans to block the $14 billion sale of Pennsylvania-based US Steel to Japanese firm Nippon Steel on Friday. The deal has been in the works, but both Biden and incoming President Donald Trump are opposed to the corporate takeover. The head of the Steelworkers Union is against it, too, as is Pennsylvania’s Senator John Fetterman.
“It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our natural sources of strength at home and abroad,” Biden said Friday. “And it is a fulfillment of that responsibility to block foreign ownership of this vital American company.”
The order read: “The proposed acquisition of U.S. Steel by the Purchasers (Proposed Transaction) is prohibited, and any substantially similar transaction between the Purchasers and U.S. Steel, whether effected directly or indirectly by the Purchasers, through the Purchasers’ shareholders or shareholders’ immediate, intermediate, or ultimate foreign person beneficial owners, or through the Purchasers’ partners, subsidiaries, or affiliates is also prohibited.”
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump said on Truth earlier this month. “As President, I will block this deal from happening. Buyer Beware!!!” It is a rare moment where their fierce political opponents agree and that agreement is based in US national security.
The New York Times and other outlets have indicated that this could make foreign investors rethink their plans on investing in the US. However, Trump’s recent “open for business” message to foreign investors may have an impact on that. He recently said that anyone who invests a billion dollars into the US will get all permits necessary and clear all environmental hurdles no matter what. Trump also promised to bolster the steel company, founded in 1901, saying “Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST!” […]
— Read More: thepostmillennial.com
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