Democratic Lawmakers Urge Biden to Block US Steel Deal
- Pennsylvania lawmakers urge Yellen to kill deal through CFIUS
- Panel typically reviews purchases with national security risks
This article is for subscribers only.
United States Steel Corp. is seeking a foreign investment review from President Joe Biden’s administration as a condition of its sale to Japan’s Nippon Steel Corp, in an effort to get ahead of bipartisan calls from lawmakers for the deal to be killed.
The sale of US Steel is subject to conditions including “the receipt of approval by the Committee on Foreign Investment in the United States,” the company said in a Securities and Exchange Commission filing. Nippon Steel has agreed to take all steps “to obtain the CFIUS approval.”