Sept 11 (Reuters) - A number of U.S. business groups on
Wednesday sounded the alarm that the Biden administration's
national security review of Nippon Steel's ( NISTF ) planned $14.9 billion
acquisition of U.S. Steel is being unduly influenced by
political pressure.
The Committee on Foreign Investment in the United States
(CFIUS) told the companies in an Aug. 31 letter seen by Reuters
the deal would damage American steel production. The groups,
including the U.S. Chamber of Commerce, Alliance for Automotive
Innovation, National Foreign Trade Council and United States
Council for International Business, told Treasury Secretary
Janet Yellen that they "fear that the CFIUS process is being
used to further political agendas that are outside the
committee's purview and putting the U.S. economy and workers at
risk."