The daily business briefing: December 22, 2023

Biden aides say Nippon Steel's US Steel purchase merits 'serious scrutiny,' Honda recalls 2.5 million US vehicles, and more

U.S. Steel plant in Clairton, Pennsylvania
U.S. Steel plant in Clairton, Pennsylvania
(Image credit: Justin Merriman / Bloomberg via Getty Images)

1. Biden: US Steel sale merits 'serious scrutiny'

President Joe Biden wants regulators to take a close look at Nippon Steel's planned acquisition of U.S. Steel, the White House said Thursday. Steelworkers and some lawmakers on Capitol Hill have expressed alarm over the proposed $14 billion, all-cash deal to sell U.S. Steel, which was founded in 1901 by J.P. Morgan and Andrew Carnegie, to the Japanese company. Lael Brainard, the director of the National Economic Council, said in a statement that Biden "believes the purchase of this iconic American-owned company by a foreign entity — even one from a close ally — appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability." The Associated Press

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