Biden Administration Extends Review Period for Nippon Takeover of U.S. Steel
The New York Times
U.S. Steel’s chief, David Burritt, expressed confidence on Tuesday that the sale of the American manufacturer to a Japanese owner would close “on its merits” despite bipartisan backlash.
The Biden administration is granting a request by Japan’s Nippon Steel to resubmit its filing with the Committee on Foreign Investment in the United States for approval to purchase U.S. Steel, people familiar with the matter said on Tuesday.
The decision gives the two steel makers an additional three months to convince the federal government that the transaction does not pose a threat to national security, as argued by both Democrats and Republicans. It also pushes the decision on a transaction that had gotten caught up in election year politics until after the November presidential election.
CFIUS will use the additional time to review the deal so that it can better understand the full national security impact of the transaction, along with how it would impact critical supply chains and to continue talks with both companies, the people familiar with the process said. The committee continues to have serious national security concerns about the takeover, the people said, and is expected to use close to the full 90 days allowed in the extended review period to make its determination.
A White House spokeswoman said that President Biden and Vice President Kamala Harris continue to believe that U.S. Steel should remain American owned and operated.
“The president told our steelworkers he has their backs, and he means it,” said Saloni Sharma, the White House spokeswoman. “There is no so-called ‘delay.’ We have not received any CFIUS recommendation. The CFIUS process was and remains ongoing.”
The move by CFIUS came on the same day that David Burritt, the chief executive of U.S. Steel, offered a forceful defense of the proposed merger, saying the tie-up would strengthen America’s national security. Mr. Burritt also expressed confidence that the federal government would allow the deal to close despite bipartisan calls to block it.
Bangladesh is taking steps to conserve electricity, which its factories need to keep stitching together the world’s clothing.
Emirates, Qatar Airways and Etihad Airways have become some of the world’s largest and most profitable thanks to their location at the center of busy travel routes.
Geography and regional rivalries have prevented Gulf countries from finding a true alternative to the strait, which the war with Iran has effectively shut down.
President Trump’s son-in-law is trying to raise $5 billion or more from foreign governments and others for his private equity firm.
A methodological change contributed to a better-than-expected inflation report, prompting questions from some economists.
Beyond its effects on oil and gas, the unfolding war in the Middle East is roiling shipping and airfreight, threatening the availability of a vast range of goods.
High-energy lasers can burn drones in the sky like a blowtorch. But they can be stymied by weather, and making them at scale will be a challenge.
Countries already walloped by a breakdown of the international trading order, war in Ukraine and chaotic U.S. policymaking are facing potentially lasting economic damage.
A Washington Post appeal for information about the military qualified as prohibited “solicitation,” according to defense officials.
The technology giant’s siding with Anthropic in its fight against the Pentagon stands out in an era when big companies have tended to keep quiet.
Drivers are paying an average of 20 percent more at the pump since the strikes on Iran began. The global oil price was higher and stocks were mixed.
Whether President Trump signaled that he may soon end the military strikes is weighing on the minds of investors, executives and others.
Ms. Stockwell, who recently left The Washington Post, is the third person named to the job in the past three years.