Nippon Steel’s China Assets Raise Concerns Over US Deal
- Japanese giant’s purchase of US Steel is under security review
- Scrutiny comes as Biden weighs new China tariffs, restrictions
Emissions rise from chimneys at the Nippon Steel & Sumitomo Metal Corp. plant in Kashima, Japan.
Photographer: Tomohiro Ohsumi/BloombergPresident Joe Biden’s administration is examining Nippon Steel Corp.’s connections to China, people familiar with the matter say, a potential stumbling block for the Japanese giant’s politically contentious deal to acquire American rival United States Steel Corp.
The administration sees its priority as protecting US industry and is worried about Nippon Steel’s exposure to China, the people said, speaking on condition of anonymity to discuss the thinking. Biden has maintained tariffs on Chinese goods implemented by former President Donald Trump under Section 301 of the trade law and may consider future tariffs on steel and aluminum from China, the people said.