Biden Urged To Block Foreign Acquisition Of Iconic Company

In a letter to Treasury Secretary Janet Yellen, three senators urged the Biden administration to thwart the recent agreement between the US Steel Corporation and Nippon Steel Corporation (NSC) of Japan.

NCS declared that it will buy US Steel for $55 per share and take on the $14.9 billion in current debt, which is 40% more than the stock price of the company. The senators contended that the deal ignored the threat to national security posed by a foreign business taking over American steel manufacturing, instead focusing primarily on shareholder benefit.

Critics also pointed out that NCS received more than $3 billion in subsidies from Japan earlier this year, claiming that the company’s “allegiance lies to a foreign state” because to its ties to Japan.