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Biden will decide on US Steel acquisition after influential panel fails to reach consensus

  • Nippon Steel's $15 billion bid for U.S. Steel has been referred to U.S. President Joe Biden for a decision within 15 days, as stated by a White House spokesman.
  • The Committee on Foreign Investment in the United States referred the bid after failing to reach a consensus on national security risks.
  • CFIUS warned that allowing Nippon Steel to acquire U.S. Steel could lead to lower domestic steel production, posing a national security risk, according to the Washington Post.
  • Both President Joe Biden and President-elect Donald Trump have expressed opposition to the $15 billion deal announced by Nippon Steel last December.
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