Senators Press Biden to Block Foreign Takeover of US Steel

Three Republican senators urged President Joe Biden last week to follow through on his opposition to the acquisition of U.S. Steel Corp. by Japan’s Nippon Steel Corp.

Although Biden said nearly two months ago that he believes the American steelmaker should remain in domestic hands (see 2403140049), he has yet to use his authority to block the transaction, creating “frustration” for the senators, the lawmakers wrote in a May 9 letter. The letter was signed by Sens. J.D. Vance, R-Ohio; Josh Hawley, R-Mo.; and Marco Rubio, R-Fla.

The White House didn't respond to a request for comment. Nippon Steel and U.S. Steel declined to comment.

After Biden announced his opposition to the $14.9 billion deal in March, Nippon said it still intended to finish the acquisition, which has been undergoing regulatory review, including by the Committee on Foreign Investment in the U.S. (see 2403150066).