Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
According to Bloomberg News report on Thursday, the Biden administration is closely examining Nippon Steel's connections in China in light of the Japanese company's proposed acquisition of American competitor U.S. Steel. Sources familiar with the matter revealed that the administration's primary concern lies in safeguarding the U.S. steel industry and expressed apprehension over Nippon Steel's exposure to China.
While it remains uncertain whether Nippon Steel's China assets will be explicitly scrutinised as part of the review by the Committee on Foreign Investment in the United States (CFIUS), the proposed $14.9 billion deal has already faced criticism from both Democratic and Republican lawmakers, as well as the influential United Steelworkers Union.
The White House has pledged to subject the deal to "serious scrutiny," given the crucial role of U.S. steel production in national security. In response to inquiries from Reuters, Nippon Steel stated that its operations in China are extremely limited, constituting less than 5% of the company's global production capacity. The company emphasised its objective to bolster U.S. Steel's competitiveness in the global market and address industry challenges of overproduction and overcapacity, predominantly originating from China.
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