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Biden blocks sale of U.S. Steel to Japan's Nippon Steel

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By David Shepardson, Tim Kelly and Katya Golubkova WASHINGTON/TOKYO (Reuters) -U.S. President Joe Biden officially blocked Nippon Steel's proposed $14.9-billion purchase of U.S. Steel on Friday, dealing a probably fatal blow to the contentious merger plan after a year of review.
President Joe Biden has intervened to block the proposed $14.9 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing the importance of maintaining strong American steel companies powered by American steelworkers. This decision comes amidst concerns over national security and the integrity of domestic supply chains, especially in light of the United Steelworkers union's opposition to the deal. The move reflects Biden's commitment to protecting U.S. industrial capabilities and ensuring that key industries remain under American control. The announcement was made during a visit to Pittsburgh, underscoring the administration's focus on supporting domestic manufacturing and labor. This action could have broader implications for international trade relations and investment in the U.S. steel sector.

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