EU approves Nippon's US Steel takeover despite Biden's opposition

07 May 2024 CW Team

The European Union announced that it had approved the $14 billion acquisition of major American manufacturer US Steel by Japan's Nippon Steel, despite opposition from US President Joe Biden. The EU's powerful antitrust regulator stated that they had concluded the transaction would not raise competition concerns.

The acquisition plan, which Nippon Steel announced in December 2023, has stirred controversy leading up to the US presidential election in November.

Biden had previously expressed his opposition to the deal, citing the importance of US Steel "remaining an American steel company that is domestically owned and operated".

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