Biden blocks US Steel sale to Japan's Nippon

President Joe Biden on Friday blocked the controversial $14.9 billion sale of US Steel to Japan's Nippon Steel, citing a strategic need to protect domestic industry.

- AFP [e-mail]

WASHINGTON:

The move came after a government panel failed to reach consensus last month on whether the acquisition threatened US national security, shifting the decision to the Democrat in the waning days of his presidency. "This acquisition would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains," Biden said in a statement.

"That is why I am taking action to block this deal."

The United Steelworkers union quickly welcomed the announcement.

"We're grateful for President Biden's willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers," USW International president David McCall said.