The Biden administration believes that Japanese company Nippon Steel’s planned $14.9 billion acquisition of American company U.S. Steel deserves “serious scrutiny” due to potential national security and supply chain concerns.
White House national economic adviser Lael Brainard made the comments on the proposed deal in a statement on Thursday as backlash over the planned purchase continues to mount.
“The President believes U.S. Steel was an integral part of our arsenal of democracy in WWII and remains a core component of the overall domestic steel production that is critical to our national security. And he has been clear that we welcome manufacturers across the world building their futures in America with American jobs and American workers,” Ms. Brainard said….
