U.S. Steel deal security review to proceed normally, White House says (updated)

Nippon Koshuha Steel Co

18/04/2024 18:52

(Adds Brainard quote, paragraph 3)
    By Trevor Hunnicutt and Doina Chiacu
       WASHINGTON, April 18 (Reuters) - Any national-security
review of the deal by for U.S. Steel  X.N  conducted by the
Committee on Foreign Investment in the United States (CFIUS)
will proceed as normal, a White House official said on Thursday.
    President Joe Biden has repeatedly said he opposed the sale
of the U.S. industrial firm to Japan's Nippon Steel  5401.T ,
leaving some to describe the deal as on life support. But it
remained unclear what, if any, additional steps he would take to
block the deal.
        "Obviously, there are certain legal processes... you're
referring to CFIUS," said White House National Economic Adviser
Lael Brainard at the Semafor World Economy Summit 2024. "Those
are going to proceed as normal, presumably."
  
    Speaking on Wednesday to steel workers, Biden promised that
U.S. Steel would remain a "totally American company." U.S. Steel
 X.N  and Japanese buyer Nippon Steel  5401.T  later said the
Pittsburgh-based firm will remain an "iconic American company"
even after the $14.9 billion takeover.
        United States Steel shares were trading down 0.3% at
$39.02 midday Thursday, and Nippon Steel shares closed up 0.9%
to 3,463 yen in Tokyo.
  

 (Reporting by Trevor Hunnicutt and Doina Chiacu
Editing by Nick Zieminski)
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