Biden is blocking a takeover of US Steel by Japan’s Nippon Steel, citing national security
Water tower in the US Steel Corp. steel plant. Edgar Thomson Works in Braddock, Pennsylvania on September 4, 2024.
Justin Merriman | Bloomberg | Getty Images
President Joe Biden was officially blocked on Friday US Steelthe $14.9 billion acquisition by Japan’s Nippon Steel, citing national security concerns.
Biden said the proposed acquisition by Nippon would put one of the largest US steel producers under foreign control, creating a risk to the country’s key supply chains.
“Today’s action reflects my unwavering commitment to using all the powers at my disposal as president to defend the national security of the United States, including ensuring that American companies continue to play a central role in sectors critical to our national security,” Biden said in a statement. . .
US Steel shares fell nearly 8% in premarket trading Friday after the president’s announcement.
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