Biden Blocks Japanese Acquisition of US Steel Citing National Security Risks
President Joe Biden has halted the takeover of US Steel by Japan’s Nippon Steel, citing concerns over national security and the impact on American industry. In his statement, Biden indicated that the acquisition would place a major US steel producer under foreign control, posing risks to critical supply chains. The $14.9 billion deal was announced in December 2023, which included $2.7 billion for investments in modernizing US Steel facilities. Nippon Steel plans to pursue legal action if the acquisition is not approved.