Biden blocks Nippon Steel's USD 14.3 billion takeover of US Steel
Jan 04, 2025
US President Joe Biden has blocked Japan's Nippon Steel from acquiring US Steel in a USD 14.3 billion deal, citing national security concerns. The decision, supported by the United Steelworkers union, reflects apprehensions about foreign control over a critical industry but faces criticism for potentially undermining investment in US steel operations. Nippon and US Steel have vowed to challenge the decision in court, arguing that it denies necessary capital investments.