The White House appeared to err on Friday with its latest executive order blocking Nippon Steel's roughly $15 billion acquisition of U.S. Steel.
The order, issued Friday, repeats language from May. presidential order Articles about real estate in China starting with “MineOne Cloud Computing Investment I LP's acquisition of certain Cheyenne-led real estate properties.” According to In the archived version of the executive order. These are the exact words used in the President's May title. presidential order.
Oops.
The White House copied and pasted a previous executive order regarding Chinese real estate transactions and used it in the Nippon Steel announcement. And I forgot to delete the title. pic.twitter.com/8ibeSYujxI— Mori Health (@kenmoriyasu) January 3, 2025
of decision Maintaining domestic ownership of U.S. Steel was referred to the president by the national security review in December. We're screwed To reach an agreement. Biden said in a statement Friday that his decision to sell is part of a larger commitment to “protect America's national security.” If sold, it would have become the second largest in America. steel manufacturers Under foreign control.
Nippon Steel announced plans to acquire US Steel on January 5, 2024 for $14.9 billion. At the time, Nippon Steel argued that such a deal would help both companies become more competitive against China's Baowu Steel Group. According to In the Michigan Economic Journal.
U.S. President Joe Biden boards Marine One en route to the White House after departing from Delaware Air National Guard Base in New Castle, Delaware, December 19, 2024. (Photo by Jim Watson/AFP) (Photo by Jim Watson/AFP via Getty Images)
“To continue to lead the fight on behalf of America's national interests, we need major American companies that account for a major share of America's steelmaking capacity. A panel of national security and trade experts from the executive branch As determined by the United States, this acquisition would place one of America's largest steel producers under foreign control and pose risks to national security and critical supply chains,” the president wrote.
“That's why I'm taking action to block this transaction,” he added.
The Daily Caller reached out to the White House for comment but did not receive a response before publication.
