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Biden to block U.S. Steel sale to Japanese buyer, Washington Post reports
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Biden to block U.S. Steel sale to Japanese buyer, Washington Post reports
Jan 2, 2025 8:47 PM

WASHINGTON, Jan 2 (Reuters) - U.S. President Joe Biden

has decided to officially block Nippon Steel's ( NISTF ) 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 ( NISTF ) 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."

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