Nippon Steel defends U.S. Steel bid as report says Biden might kill deal

Former CFIUS member 'optimistic' that negotiations are still progressing

20241211 US Steel

A U.S. Steel plant in Pennsylvania: Nippon Steel has been struggling to gain the support of a key labor union in its bid for the American company.  (Photo by Yuki Nakao)

SAYUMI TAKE, Nikkei staff writer

TOKYO -- Japan's Nippon Steel said on Wednesday that it is "inappropriate for politics to continue to outweigh true national security interests," in response to a media report that U.S. President Joe Biden is preparing to block its proposed purchase of U.S. Steel.

Bloomberg reported on Wednesday that Biden plans to formally block the purchase on national security grounds once the deal is referred back to him, although it is unclear when such a decision would be announced.

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