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Biden decides to block Nippon Steel's $15 billion acquisition of U.S. Steel: Report

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The White House is expected to announce U.S. President Joe Biden's decision to block Nippon Steel's $15 billion takeover bid of U.S. Steel on Friday.
President Joe Biden has decided to block the $15 billion acquisition of U.S. Steel by Japan's Nippon Steel, according to a report by Bloomberg News. This decision comes amidst concerns over national security and the potential impact on domestic steel production. The move reflects Biden's commitment to protecting American industries and jobs, especially in key sectors like steel, which is vital for infrastructure and manufacturing. The acquisition had faced significant opposition from labor unions, politicians, and some members of Congress, who argued that it could compromise U.S. economic and security interests. The decision to block the deal underscores the administration's focus on maintaining control over critical industries within the United States.

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