President Joe Biden is reportedly blocking the sale of US Steel to Japan-based Nippon Steel, citing national security concerns. The $15 billion deal was reviewed by a US National Security Panel, which must refer its decision to President Biden by December 22 or 23.
Nippon Steel had promised union employees $5,000 bonuses and a $1 billion investment in the Mon Valley Works, with some union members supporting the deal. However, the United Steelworkers union opposed the sale, calling Nippon’s offer “attempted bribery.”
The Clairton mayor, Richard Lattanzi, expressed his support for the deal, stating that it would help revive the Mon Valley and keep jobs in the area. He visited a Nippon mill in West Virginia and said union workers were happy with the ownership.
President Biden’s decision comes after he previously expressed skepticism about the deal. The US Steel sale is seen as significant for Pittsburgh, which has been struggling to maintain its steel industry presence. Pennsylvania Gov. Josh Shapiro continued to work on brokering a deal despite Trump’s previous statements against the sale.
Source: https://www.cbsnews.com/pittsburgh/news/president-biden-us-steel-sale-nippon-steel-block