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.
Pittsburgh Panthers (12-19, 5-13 ACC) vs. Stanford Cardinal (20-11, 9-9 ACC)
Charlotte, North Carolina; Tuesday, 2 p.m. EDT
BOTTOM LINE: Stanford faces Pittsburgh in the ACC Tournament.
The Cardinal have gone 9-9 against ACC teams, with an 11-2 record in non-conference play. Stanford has a 3-2 record in games decided by less than 4 points.
The Panthers’ record in ACC games is 5-13. Pittsburgh has a 2-2 record in games decided by 3 points or fewer.
Stanford is shooting 43.7% from the field this season, 2.0 percentage points lower than the 45.7% Pittsburgh allows to opponents. Pittsburgh’s 43.6% shooting percentage from the field this season is 2.0 percentage points lower than Stanford has given up to its opponents (45.6%).
The teams square off for the second time this season. Stanford won the last meeting 75-67 on Feb. 26. Ebuka Okorie scored 34 to help lead Stanford to the win, and Cameron Corhen scored 22 points for Pittsburgh.
TOP PERFORMERS: Okorie is scoring 23.1 points per game with 3.7 rebounds and 3.6 assists for the Cardinal. Benny Gealer is averaging 13.1 points and 1.7 steals over the past 10 games.
Corhen is scoring 13.1 points per game with 6.8 rebounds and 1.9 assists for the Panthers. Barry Dunning Jr. is averaging 13.1 points and 6.9 rebounds over the last 10 games.
LAST 10 GAMES: Cardinal: 6-4, averaging 77.9 points, 29.6 rebounds, 11.5 assists, 8.2 steals and 4.4 blocks per game while shooting 46.8% from the field. Their opponents have averaged 73.4 points per game.
Panthers: 3-7, averaging 64.2 points, 29.4 rebounds, 13.6 assists, 6.6 steals and 2.6 blocks per game while shooting 42.2% from the field. Their opponents have averaged 70.8 points.
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The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.
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