Following a new review of the takeover bid conducted by the Committee on Foreign Investment in the United States (CFIUS), the United Steelworkers (USW) union has asked President Donald Trump to block the planned acquisition of US Steel by Japanese steelmaker Nippon Steel, accusing the latter of dumping steel in the US markets for decades and of posing a threat to national security, according to a report by Reuters.
The new review that was commenced upon the order of President Trump was completed on May 21. However, the review’s findings have not yet been published. Trump now has 15 days to approve or end the deal.
“Now, as it continues to make flashy promises about proposed investments, it remains clear that Nippon is simply seeking to undercut our domestic industry from the inside,” the union stated. As SteelOrbis reported previously, Nippon Steel has pledged to invest $14 billion in US Steel’s infrastructure by 2028, including the construction of a new steel mill.
