Biden to decide fate of Japan's acquisition of US Steel

A broad-based US government panel has failed to reach a consensus on the potential risks that a potential acquisition of Japanese steelmaker Nippon Steel of rival US Steel could pose, leaving the final decision on the deal in the hands of President Joe Biden, who has long opposed it. The White House said the Committee on Foreign Investment in the United States, known as CFIUS, has submitted its long-awaited report on the proposed merger to President Biden, who has formally opposed the deal, and that he has 15 days to announce a final decision. A senior official familiar with the matter, speaking on condition of anonymity, told the Associated Press that some federal agencies represented on the panel questioned whether allowing a Japanese company to buy an American steel company could pose risks to US national security. Both President Biden and President-elect Donald Trump have tried to woo US workers during the US presidential election campaign and vowed to block the deal amid concerns that a major US company could be owned by foreigners.