Biden Blocks Nippon Steel’s Attempt to Acquire US Steel Over National Security Concerns
U.S. President Joe Biden has blocked a bid by Japan’s Nippon Steel to acquire U.S. Steel for nearly $15 billion, citing national security risks associated with foreign control of one of America’s largest steel producers. Concerns about job losses have been raised by the United Steelworkers union, while U.S. Steel argues that preventing the acquisition could result in factory closures. Nippon Steel has announced plans to pursue legal action against Biden’s decision.