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The Biden administration is close to announcing it will block Nippon Steel’s acquisition of US Steel, two sources familiar with the situation said on Wednesday, amid growing bipartisan political opposition to the $14.9 billion deal.
Nippon’s planned acquisition of the US steelmaker faces opposition from Democrats and Republicans, with Vice President Kamala Harris on Monday saying she wants US Steel to remain “American owned and operated.” Her Republican rival Donald Trump has pledged to block the deal if elected.Pennsylvania is a crucial battleground state that could sway the outcome of the 2024 presidential election and both candidates are making repeat visits there.
He added that the failure of the deal would raise “serious questions about US Steel remaining headquartered in Pittsburgh.” He told theThe United Steelworkers union criticized Burritt, accusing him of “making baseless and unlawful threats.” Nippon Steel said last week that it plans to invest over $2.7 billion in union-represented facilities at Mon Valley Works in Pennsylvania and Gary Works in Indiana in support of the future of manufacturing for those communities.
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