According to Politico, the U.S. Department of Justice (DOJ) has commenced an in-depth antitrust investigation into Nippon Steel’s $14.1 billion acquisition of U.S. Steel, as reported by sources with direct knowledge of the matter. The DOJ refrained from providing comments on the matter, and both companies have yet to respond to Reuters’ requests for comment.
The deal has drawn attention from U.S. lawmakers due to national security concerns, prompting President Joe Biden to emphasize the importance of U.S. Steel remaining an American steel company that is domestically owned and operated. Japanese Prime Minister Fumio Kishida expressed hope for a positive outcome regarding the deal during his visit to the U.S., while refraining from criticizing the DOJ’s scrutiny of the takeover. Additionally, the United Steel Workers union has expressed disapproval of the deal.