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CFIUS warns against Nippon merger with US Steel, citing China steel glut

Business Standard LogoBusiness Standard7h ago

CFIUS warns against Nippon merger with US Steel, citing China steel glut - Business Standard

Quick Summary:

While US Steel has aggressively petitioned for trade relief against foreign imports, Nippon Steel has at times opposed US efforts for relief, CFIUS said.

The letter cited a global glut of cheap Chinese steel, and said that under Nippon, a Japanese company, US Steel would be less likely seek tariffs on foreign steel importers.

Vice President and Democratic presidential candidate Kamala Harris said on Monday at a rally in Pennsylvania, the swing state where US Steel is headquartered, that she wants US Steel to remain "American owned and operated." Her Republican rival Donald Trump has pledged to block the deal if elected.


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Article Details

Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-06 @ 08:57:41 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 700 words

Reading Time: 4 minutes read

Sentences: 19 lines

Sentence Length: 37 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22386662

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 299 posts per day

Year Established: 1975

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News Last Updated: 3 hours ago

Coverage Areas: India

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Publisher ID: #49

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