Citing national security, US govt blocks Nippon Steel's bid to buy US Steel

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Citing national security, US govt blocks Nippon Steel's bid to buy US Steel - Business Standard

Quick Summary:

That extension gave CFIUS until after the November election to make a decision, fueling hope among supporters that a calmer political climate could help the deal's approval.

The move, long expected, cuts off a critical lifeline of capital for the beleaguered American icon, which has said it would have to idle key mills without the nearly $3 billion in promised investment from the Japanese firm.

Nippon offered to move its US headquarters to Pittsburgh, where the US steelmaker is based, and promised to honor all agreements in place between US Steel and USW.