WASHINGTON: A national security panel was divided in its recommendation to President Donald Trump on Nippon Steel’s bid for US Steel, but most panel members believe any security risks posed by the deal can be addressed, a White House official said.
The Committee on Foreign Investment in the US on Wednesday (May 21) submitted a recommendation to Trump about the national security implications of the merger, Reuters reported, as directed by Trump in an executive order signed last month.
But key details had not emerged until now about the contents of the document, submitted after Japan’s Nippon Steel supercharged its pledged investment in US Steel to US$14 billion in a last-ditch bid for approval, as reported by Reuters.
“We’ve received the report and the president will review the recommendations of each agency to determine if additional action on this matter is necessary,” the White House official said in a statement.
“CFIUS agencies were not unanimous in their recommendation, but the majority believe any risks can likely be addressed through mitigation,” the person added, declining to be named because the matter was not public.
Nippon Steel declined to comment. US Steel did not immediately respond to a request for comment.
Source: CNA
