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International Business Times
International Business Times
Business
AFP News

EU Clears Nippon Buyout Of US Steel Opposed By Biden

European Union US Steel United States Joe Biden Nippon Steel
The US Steel acquisition plan, announced by Nippon Steel in December, has become a controversial issue ahead of the US presidential election in November. (Credit: AFP)

The European Union on Monday approved the $14 billion takeover of major American manufacturer US Steel by Japan's Nippon Steel, which US President Joe Biden has opposed.

The European Commission "concluded that the notified transaction would not raise competition concerns", the EU's powerful antitrust regulator said in a statement.

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