President Joe Biden has formally rejected Nippon Steel’s $14.9 billion bid to acquire US Steel, prioritizing national security and domestic steel production. The decision follows a year-long review by the Committee on Foreign Investment in the United States, influenced by opposition from the United Steelworkers union and political figures. Nippon Steel plans to challenge the ruling in court, while concerns grow about the future of US Steel’s operations and jobs as the industry faces pressing investment needs.