Global site navigation

EU clears Nippon buyout of US Steel opposed by Biden
Business and Economy

EU clears Nippon buyout of US Steel opposed by Biden

by  AFP 1 min read
The US Steel acquisition plan, announced by Nippon Steel in December, has become a controversial issue ahead of the US presidential election in November.
The US Steel acquisition plan, announced by Nippon Steel in December, has become a controversial issue ahead of the US presidential election in November.. Photo: JEFF SWENSEN / GETTY IMAGES NORTH AMERICA/Getty Images via AFP/File
Source: AFP

PAY ATTENTION: Follow YEN's WhatsApp channel for a daily dose of breaking news on the go!

The European Union on Monday approved the $14 billion takeover of major American manufacturer US Steel by Japan's Nippon Steel, which US President Joe Biden has opposed.

The European Commission "concluded that the notified transaction would not raise competition concerns", the EU's powerful antitrust regulator said in a statement.

The acquisition plan, announced by Nippon Steel in December 2023, has become a controversial issue ahead of the US presidential election in November.

Biden earlier this year opposed the deal because he said it was vital for US Steel "to remain an American steel company that is domestically owned and operated".

The company is based in Pittsburgh, in the battleground state of Pennsylvania, which Biden won in the 2020 election.

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: