Nippon Steel's US Steel bid referred to President Biden for final decision

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Nippon Steel's US Steel bid referred to President Biden for final decision - Channel News Asia

Quick Summary:

WASHINGTON: Nippon Steel's US$15 billion bid for US Steel has been referred to US President Joe Biden, a White House spokesman said, giving the president 15 days to decide on a tie up he has previously said he opposes.

"The US Steel deal is a once-in-a-lifetime opportunity for Nippon Steel to drive its growth," said SBI Securities analyst Ryunosuke Shibata.

Nippon Steel said it could eliminate that risk by appointing US citizens to top management and board of director positions at US Steel, but the committee was divided in its view of whether those remedies would be sufficient, said the newspaper.