Nippon Steel had said it addressed the panel’s concerns and made key commitments to grow U.S. Steel and protect American jobs. In December, Nippon sent a letter to CFIUS that accused the White House of “impermissible influence” in the process, The New York Times reported. Nippon said the committee’s concerns were “littered with factual inaccuracies and omissions, misleading and incomplete statements, conjecture and hypotheticals that have no basis in fact and are plainly illogical.”
The proposed sale came amid a growing demand for domestic steel. Prices have soared globally as production capacity has fallen short of need.
“As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” Biden said. President-elect Donald Trump has also opposed the takeover.
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