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Headline : Biden Expected to Block U.S. Steel Takeover

Read more from the original article on here at www.nytimes.com.





Tags : #biden #expected #block #us #steel #takeover


No. of Paragraph 17

By Andrew DuehrenAlan Rappeport and Lauren Hirsch

Andrew Duehren and Alan Rappeport reported from Washington, and Lauren Hirsch from New York.

President Biden is preparing to soon block an attempt by Japan’s Nippon Steel to buy U.S. Steel on national security grounds, according to three people familiar with the matter, likely sinking a merger that became entangled in election-year politics in the United States.

A decision to block the takeover would come after months of wrangling among lawmakers, business leaders and labor officials over whether a corporate acquisition by a company based in Japan — a key U.S. ally — could pose a threat to national security. A move by Mr. Biden to block the deal on those grounds could roil relations between the two nations at a moment when the United States has been trying to deepen ties with Japan amid China’s growing influence in East Asia.

Read more from the original article on here at www.nytimes.com.


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