Biden Blocks Japan’s Nippon Steel US Steel Buyout
President Biden blocked Nippon Steel’s $14.9 billion acquisition of US Steel, citing national security concerns and prioritizing domestic ownership of the steel industry. This decision, made despite opposition from the companies and Japanese officials, followed pressure from the United Steelworkers union and aligned with Biden’s campaign promises. The blocked merger raises questions about future foreign investment in the US and the viability of US Steel, which had warned of potential factory closures without the deal. Nippon Steel and US Steel have vowed to challenge the decision legally.
John Q. Hosedrinker