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Biden Blocks Japanese Firm's $15bn Bid for US Steel Over Security Fears
The Guardian
|January 04, 2025
Joe Biden blocked a $14.9bn (£12bn) bid by Japan's Nippon Steel for US Steel yesterday, citing concerns the deal could hurt national security and following through on a pledge to keep the company domestically owned as he prepares to depart the White House.
The two companies said they would take all "appropriate action to protect their legal rights", with Nippon Steel reportedly preparing to sue the US government.
The US president said in a statement: "US Steel will remain a proud American company - one that's American-owned, American-operated, by American union steelworkers - the best in the world."
The anticipated move cuts off a critical lifeline of capital for the beleaguered American icon.
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