Despite repeated meetings and calls with U.S. officials, and three renewed proposals to mitigate national security concerns, Nippon Steel has failed to win approval from a powerful panel to approve its $14.9 billion deal for U.S. Steel. Reviewing the bid, a letter Writers Shows.
Why it matters
The letter, sent on Saturday, sets the stage for US President Joe Biden, who has long opposed the deal, to block it. The Committee on Foreign Investment in the United States (CFIUS), which reviews deals for national security risks, has 23 days to approve the deal, extend the review or recommend that Biden terminate it. December is the deadline. If the agencies that make up the panel continue to clash, as the letter says, they will refer the matter to Biden for action.
Topics of interest: Business and FinanceThe deals
Type: Writer’s Best
Sectors: Business and Finance
Area: America
Countries: The United States
Types of wins: characteristic
Story Types: Exclusive / Scoop
Types of media: The text
Customer Impact: Important national story