The Congressional Labor Caucus, group of pro-union lawmakers, sent a letter asking President Biden for a “strong repudiation” of Nippon Steel’s (NPSCY) proposed acquisition of U.S. Steel (X), Joe Deaux of Bloomberg reports, citing Tuesday’s letter, which was seen by Bloomberg News. “Despite Nippon Steel’s press releases and verbal reassurances in response to Cfius’s review that it will invest billions of dollars in US steel manufacturing while guaranteeing no related jobs will be transferred outside of the US, they have failed to put forth any enforceable commitments in writing to hold them to their word. We call for your strong repudiation of the merger on or before the Dec. 22, 2024 end of Cfius’s third 90-day review period,” the letter reads. Biden plans to formally block the of U.S. Steel to Nippon on national security grounds once it is referred back to him this month, people familiar with the matter told Bloomberg News last week.
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