Posted By Global Banking and Finance Review
Posted on January 3, 2025
WASHINGTON (Reuters) - U.S. President Joe Biden has decided to officially block Nippon Steel's proposed purchase of U.S. Steel, the Washington Post reported, citing two administration officials who were not authorized to speak publicly about the matter.
The Committee on Foreign Investment in the United States (CFIUS) had previously referred the decision to approve or block the deal to Biden, who will leave office on Jan. 20.
Biden's call to block the deal was taken despite contrary efforts by some of his senior advisers over concerns that it could damage U.S.- Japan relations, the report said.
A White House spokesperson declined to comment on the report. A source told Reuters a decision by Biden was expected as soon as Friday. A spokesperson for Nippon Steel declined to comment on the report.
U.S. Steel directed Reuters to a statement shared earlier on Thursday that said it hoped "Biden will do the right thing and adhere to the law by approving a transaction that so clearly enhances U.S. national and economic security."
(This story has been corrected to fix the attribution of the timing of Biden's decision in paragraph 4)
(Reporting by Devika Nair, Kanishka Singh and Alexandra Alper; Editing Sonali Paul and Neil Fullick)