• Education
    • Higher Education
    • Scholarships & Grants
    • Online Learning
    • School Reforms
    • Research & Innovation
  • Lifestyle
    • Travel
    • Food & Drink
    • Fashion & Beauty
    • Home & Living
    • Relationships & Family
  • Technology & Startups
    • Software & Apps
    • Startup Success Stories
    • Startups & Innovations
    • Tech Regulations
    • Venture Capital
    • Artificial Intelligence
    • Cybersecurity
    • Emerging Technologies
    • Gadgets & Devices
    • Industry Analysis
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy
Today Headline
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
Today Headline
No Result
View All Result
Home World News Africa

Biden blocks sale of US Steel to Japan’s Nippon Steel

January 3, 2025
in Africa
Reading Time: 3 mins read
A A
0
Biden blocks sale of US Steel to Japan’s Nippon Steel
5
SHARES
10
VIEWS
Share on FacebookShare on Twitter


Biden cites need to ‘level playing field’ in long anticipated blocking of $14.6bn sale likely to roil ties with Tokyo.

United States President Joe Biden has blocked the $14.9bn sale of the Pittsburgh, Pennsylvania-based US Steel to Japan’s Nippon Steel.

The move on Friday deals a potentially fatal blow to the merger plan, which had been under review by the US government for a year.

Top Republicans and Democrats had been broadly opposed to the merger throughout the 2024 presidential election campaign season. But while Biden had criticised the plan, he had withheld a final decision amid concerns over roiling ties with ally Japan.

In his statement announcing the move, Biden cited a strategic need to protect domestic industry. “This acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” he said.

“That is why I am taking action to block this deal.”

For their part, Nippon Steel and US Steel had characterised the merger as a lifeline for the flagging US company, which is the second largest steel producer in the US. Nippon had paid a hefty premium to make the purchase and faces a $565m penalty payment to US Steel following the deal’s collapse.

Opponents, including the powerful United Steelworkers (USW) union, warned that the Japanese owners would slash jobs following the acquisition. Despite those warnings, there had been movements among some rank-and-file members of the national union in support of the merger.

Nippon Steel’s attempts to calm concerns by pledging a pause on any layoffs or closures of unionised facilities through the current union contract expiring in September 2026 failed to attract wider acceptance of the deal. The company had also pledged to move its US headquarters to Pittsburgh.

On Friday, USW international president David McCall called the move “the right move for our members and our national security”.

“We’re grateful for President Biden’s willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers,” McCall said.

Neither Nippon Steel, the office of Japanese Prime Minister Shigeru Ishiba, nor the country’s Ministry of Economy, Trade and Industry immediately responded to Biden’s announcement.

However, in a November letter, Ishiba had urged Biden to approve the merger to avoid marring recent efforts to strengthen ties between the two countries, according to Reuters news agency.

Japan is a key US ally in the Asia-Pacific region, and Tokyo and Washington have bolstered relations in recent years over shared concerns about China’s economic and military rise, as well as threats from North Korea.

‘Backbone of our nation’

The Committee on Foreign Investment in the US (CFIUS) previously spent months reviewing the deal for national security risks but failed to reach a consensus.

The decision was then deferred to Biden, who was legally required to act before a 15-day deadline expired.

In his statement, Biden said he was taking action to level the playing field, blaming the decline of US Steel on unfair trade practices. He said a mixture of protectionism and subsidies had brought the industry back to health.

“Steel production – and the steelworkers who produce it – are the backbone of our nation,” Biden said.

“A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.”

President-elect Donald Trump, who takes office on January 20, had also opposed the deal, previously describing the proposed sale as “a horrible thing”.



Source link

Tags: Asia PacificBusiness and EconomyInternational TradeJapanNewsUnited StatesUS & Canada
Previous Post

Arctech secures 1.5GW solar project deal in UAE

Next Post

425,000 suspected Nazi collaborators’ names published

Related Posts

US – UK cement trade deal easing recession fears

US – UK cement trade deal easing recession fears

May 8, 2025
8
Bill Gates

Gates Foundation Will Double Spending Over Next 20 Years to Accelerate Progress on Saving and Improving Lives – Africa.com

May 8, 2025
8
Next Post
425,000 suspected Nazi collaborators' names published

425,000 suspected Nazi collaborators' names published

  • Trending
  • Comments
  • Latest
Family calls for change after B.C. nurse dies by suicide after attacks on the job

Family calls for change after B.C. nurse dies by suicide after attacks on the job

April 2, 2025
Pioneering 3D printing project shares successes

Product reduces TPH levels to non-hazardous status

November 27, 2024

Hospital Mergers Fail to Deliver Better Care or Lower Costs, Study Finds todayheadline

December 31, 2024

Police ID man who died after Corso Italia fight

December 23, 2024
Harris tells supporters 'never give up' and urges peaceful transfer of power

Harris tells supporters ‘never give up’ and urges peaceful transfer of power

0
Des Moines Man Accused Of Shooting Ex-Girlfriend's Mother

Des Moines Man Accused Of Shooting Ex-Girlfriend’s Mother

0

Trump ‘looks forward’ to White House meeting with Biden

0
Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

0
Chipiron raises $17M for miniature MRI prototype

Chipiron raises $17M for miniature MRI prototype

May 8, 2025
Trump asks Supreme Court to revoke legal status of 500,000 immigrants

Trump asks Supreme Court to revoke legal status of 500,000 immigrants

May 8, 2025
Home Office urged to record migrant exits from UK

Home Office urged to record migrant exits from UK

May 8, 2025
The Straits Times logo

US considering new ship registry in US Virgin Islands, sources say

May 8, 2025

Recent News

Chipiron raises $17M for miniature MRI prototype

Chipiron raises $17M for miniature MRI prototype

May 8, 2025
2
Trump asks Supreme Court to revoke legal status of 500,000 immigrants

Trump asks Supreme Court to revoke legal status of 500,000 immigrants

May 8, 2025
3
Home Office urged to record migrant exits from UK

Home Office urged to record migrant exits from UK

May 8, 2025
3
The Straits Times logo

US considering new ship registry in US Virgin Islands, sources say

May 8, 2025
5

TodayHeadline is a dynamic news website dedicated to delivering up-to-date and comprehensive news coverage from around the globe.

Follow Us

Browse by Category

  • Africa
  • Asia
  • Basketball
  • Business & Finance
  • Climate Change
  • Crime & Justice
  • Economic Policies
  • Elections
  • Entertainment
  • Entrepreneurship
  • Environmental Policies
  • Europe
  • Football
  • Gadgets & Devices
  • Health
  • Medical Research
  • Mental Health
  • Middle East
  • Motorsport
  • Olympics
  • Politics
  • Public Health
  • Relationships & Family
  • Science & Environment
  • Software & Apps
  • Space Exploration
  • Sports
  • Stock Market
  • Technology & Startups
  • Tennis
  • Travel
  • Uncategorized
  • Us & Canada
  • Wildlife & Conservation
  • World News

Recent News

Chipiron raises $17M for miniature MRI prototype

Chipiron raises $17M for miniature MRI prototype

May 8, 2025
Trump asks Supreme Court to revoke legal status of 500,000 immigrants

Trump asks Supreme Court to revoke legal status of 500,000 immigrants

May 8, 2025
  • Education
  • Lifestyle
  • Technology & Startups
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy

© 2024 Todayheadline.co

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business & Finance
  • Corporate News
  • Economic Policies
  • Entrepreneurship
  • Market Trends
  • Crime & Justice
  • Court Cases
  • Criminal Investigations
  • Cybercrime
  • Legal Reforms
  • Policing
  • Education
  • Higher Education
  • Online Learning
  • Entertainment
  • Awards & Festivals
  • Celebrity News
  • Movies
  • Music
  • Health
  • Fitness & Nutrition
  • Medical Breakthroughs
  • Mental Health
  • Pandemic Updates
  • Lifestyle
  • Fashion & Beauty
  • Food & Drink
  • Home & Living
  • Politics
  • Elections
  • Government Policies
  • International Relations
  • Legislative News
  • Political Parties
  • Africa
  • Asia
  • Europe
  • Middle East
  • Artificial Intelligence
  • Cybersecurity
  • Emerging Technologies
  • Gadgets & Devices
  • Industry Analysis
  • Basketball
  • Football
  • Motorsport
  • Olympics
  • Climate Change
  • Environmental Policies
  • Medical Research
  • Science & Environment
  • Space Exploration
  • Wildlife & Conservation
  • Sports
  • Tennis
  • Technology & Startups
  • Software & Apps
  • Startup Success Stories
  • Startups & Innovations
  • Tech Regulations
  • Venture Capital
  • Uncategorized
  • World News
  • Us & Canada
  • Public Health
  • Relationships & Family
  • Travel
  • Research & Innovation
  • Scholarships & Grants
  • School Reforms
  • Stock Market
  • TV & Streaming
  • Advertise with Us
  • Privacy & Policy
  • About us
  • Contact

© 2024 Todayheadline.co