Biden blocks US Steel sale to Japan's Nippon Steel
The Peninsula
Washington: US Steel and Nippon Steel threatened legal action Friday after President Joe Biden blocked a controversial $14.9 billion deal for the Japa...
Washington: US Steel and Nippon Steel threatened legal action Friday after President Joe Biden blocked a controversial $14.9 billion deal for the Japanese company to buy its American rival.
Biden cited a strategic need to protect domestic industry -- but the move drew sharp criticism from both companies.
The decision came after a government panel failed to reach consensus last month on whether the acquisition threatened US national security, shifting the decision to the veteran Democrat in the waning days of his presidency.
The move nevertheless enjoyed rare bipartisan agreement, with Republican President-elect Donald Trump and incoming vice president JD Vance also campaigning against the sale.
"This acquisition would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains," Biden said in a statement.
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