New York
CNN
—
Bipartisan opposition is growing to the proposed $14.1 billion acquisition of US Steel by Japan’s largest steelmaker, but that is unlikely to be enough to block the purchase, according to an expert in foreign investment deals.
A trio of Republican senators Tuesday called for a panel of US officials to block Nippon Steel’s takeover of US Steel due to national security concerns.
Sens. JD Vance, Josh Hawley and Marco Rubio wrote Treasury Secretary Janet Yellen a letter on Tuesday warning the US Steel deal has “dire implications for the industrial base of the United States” and “was not entered into with US national security in mind.”
Yellen chairs the Committee on Foreign Investment in the United States (CFIUS), an interagency panel empowered to review transactions involving foreign investment in America to determine the impact on national security. CFIUS members include the heads of the Department of Defense, State, Homeland Security and Justice.
www.cnn.com/2023/12/19/business/bipartisan-opposition-japanese-purchase-us-steel/index.html