Nippon Steel's $14.1 Billion Acquisition of U.S. Steel Faces Backlash and Scrutiny

The deal, which would make Nippon Steel the world's third-largest steel producer, is under fire from U.S. lawmakers and unions over national security and job concerns.

Japan's Nippon Steel has agreed to buy U.S. Steel for $14.1 billion, a move that has sparked backlash from U.S. lawmakers and the United Steelworkers union due to national security and job concerns.
The deal would make Nippon Steel the world's third-largest steel producer, but it still needs approval from the Committee on Foreign Investment in the United States (CFIUS).
U.S. Commerce Secretary Gina Raimondo has indicated that the deal would face significant scrutiny due to the need to protect the U.S. steel industry and its workers.
Despite declining revenue, U.S. Steel CEO David Burritt has defended the deal, stating it benefits the United States by ensuring a competitive domestic steel industry and strengthening global presence.
Investors anticipate that political controversy surrounding the deal could delay its completion, which is currently expected in the second or third quarter of 2024.