Investing
Three Republican senators oppose Nippon-U.S. Steel deal over national security
© Reuters. Senate candidate JD Vance campaigns in Boardman, Ohio, U.S., February 16, 2022. REUTERS/Gaelen Morse/File Photo
2/3
(Reuters) -Three U.S. Senators have urged Treasury Secretary Janet Yellen to block the $14.9 billion acquisition of U.S. Steel by Japan’s Nippon Steel, citing national security.
Nippon clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals such as Cleveland-Cliffs (NYSE:), ArcelorMittal (NYSE:) and Nucor (NYSE:).
“Despite the absence of any security-focused deliberation on U.S. Steel’s part, domestic steel production is vital to U.S. national security,” according to the letter on Tuesday from Republican Senators JD (NASDAQ:) Vance, Josh Hawley and Marco Rubio.
Yellen is also the chair of the Committee on Foreign Investment in the United States (CFIUS), a panel that scrutinizes deals for potential national security risks. The CFIUS is expected to review the transaction.
At least three Democratic senators, Sherrod Brown, John Fetterman and Joe Manchin, have also expressed opposition to the deal.
The United Steelworkers union, which represents thousands of workers at the storied steelmaker, has also come out against the transaction.
Read the full article here
-
Side Hustles6 days ago
How to Develop Empowered Leaders Within Your Own Team
-
Passive Income5 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles4 days ago
How to Be Unapologetically You and Why It Matters
-
Investing5 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Side Hustles5 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles5 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Side Hustles6 days ago
Why the Best Time to Sell Your Business Is When You Least Expect It
-
Make Money5 days ago
FlexJobs Report: Here’s How Workers View AI and Job Stability