Tarini Parti and Katy Stech Ferek of The Wall Street Journal are reporting the sale of one of America’s most storied industrial enterprises, U.S. Steel. The buyer is Japan’s Nippon Steel, and it has the potential impact on national security and supply chains.
The Biden administration’s top economic adviser said Thursday the $14.1 billion deal to acquire U.S. Steel by Japan’s Nippon Steel deserved “serious scrutiny” regarding its potential impact on national security and supply chains.
“This looks like the type of transaction that the interagency committee on foreign investment Congress empowered and the Biden administration strengthened is set up to carefully investigate,” said National Economic Adviser Lael Brainard in a statement, referring to Cfius, which reviews certain transactions involving foreign investment in the U.S. “This Administration will be ready to look carefully at the findings of any such investigation and to act if appropriate.”
Cfius can recommend the president block a deal.
U.S. Steel said Thursday that it and Nippon Steel have notified the Treasury Department that they would voluntarily file for the department’s Cfius review process and “will work with the appropriate parties for a thorough and successful review.” […]
U.S. Steel is expected to retain its name, brand and headquarters in Pittsburgh once the deal closes, the companies have said.
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