Pittsburg, PA
Biden rejects Nippon Steel's proposed deal to acquire Pittsburgh-based U.S. Steel
President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his vow in March to block the acquisition.
“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a Friday morning statement.
His decision comes after the Committee on Foreign Investment in the United States, known as CFIUS, failed to reach consensus on the possible national security risks of the deal last month, and sent a long-awaited report on the merger to Biden who had 15 days to reach a final decision.
The committee, chaired by Treasury Secretary Janet Yellen and made up of other Cabinet members, can recommend that the president block a transaction, and federal law gives the president that power.
A U.S. official familiar with the matter, who spoke on condition of anonymity, told The Associated Press last month that some federal agencies represented on the panel were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks.
The decision, which comes just weeks before the Democratic president is set to leave office, could potentially damage relations between the U.S. and Japan, which is America’s biggest ally in Asia. Japan is also the largest foreign holder of U.S. debt.
Biden previously came out against the deal last March — and was backed by the United Steelworkers, concerned over whether the company would honor existing labor agreements or slash jobs as well as the firm’s financial transparency.
Some big changes are coming to Oakland for Pittsburgh Regional Transit riders, all of which include closures, construction, and the future of safety.
Riders who typically catch the bus on Fifth Avenue in Oakland should start preparing because starting Sunday, Pittsburgh Regional Transit says the bus lane on Fifth Avenue will be permanently retired.
It’s a part of their University Line project, designed to create a more reliable connection between Downtown, Uptown, and Oakland.
But without the Fifth Avenue bus lane, traffic is shifting.
“All of our bus operational movements are going to be moving over here to Forbes Avenue,” said Amy Silbermann, chief development officer with Pittsburgh Regional Transit.
For riders, this means big changes.
Seventeen outbound bus stops along Fifth Avenue will be eliminated, 9 bus routes will be rerouted, and all outbound buses will travel on Forbes with general traffic.
“Forbes Avenue is going to be more congested. We will have more buses than today,” Silbermann noted.
While the closure is permanent, the construction and renovation will be temporary, and part of a much bigger plan.
“Ultimately, that lane is going to turn into a two-way protected bicycle facility. All buses will remain on Forbes Avenue outbound for as long as we know,” Silbermann said.
This change will now leave Forbes as the main bus corridor.
“Ultimately, one lane on Forbes Avenue is going to become a bus-only lane. However, that’s not happening until later next year.”
In the meantime, PRT says it’s working with the city and Port Authority police to keep traffic moving. The entire project is expected to be completed by 2027.
“This is not about making buses rapid. This is about making buses move more reliably and continuously throughout the corridor,” Silbermann said. “Today, they get very bunched up because of the conditions. Once they get bunched up, they end up with big gaps in service, where you may wait a really long time and then get on a really overcrowded bus.”
PRT says they will have staff at select bus stops to help navigate through this transition.
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