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Biden to block U.S. Steel sale to Japanese buyer, source says

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U.S. President Joe Biden has decided to officially block Nippon Steel's proposed $14.9-billion purchase of U.S. Steel, a person familiar with the decision said on Friday, putting an end to a long-running and contentious merger plan.
President Joe Biden is set to block the proposed acquisition of U.S. Steel by Nippon Steel, a Japanese company, according to a source familiar with the matter. This decision comes amidst concerns over national security and the strategic importance of 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 defense. The intervention is also seen as a response to political pressures and the need to appeal to union workers and voters in swing states ahead of the upcoming election. The block would mark a significant use of executive power to influence corporate mergers on national security grounds.

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