The European Union approved Japan’s Nippon Steel’s $14 billion takeover of US Steel on Monday, a move opposed by US President Joe Biden.
The EU’s antitrust regulator stated that the acquisition would not pose competition concerns. Nippon Steel announced the acquisition plan in December 2023, sparking controversy ahead of the US presidential election in November.
Biden opposed the deal earlier this year, emphasizing the importance of US Steel remaining domestically owned and operated. The company is located in Pittsburgh, Pennsylvania, a battleground state won by Biden in the 2020 election.
