Biden blocks sale of US Steel to Japan’s Nippon Steel
Al Jazeera
Biden cites need to ‘level playing field’ in long anticipated blocking of $14.6bn sale likely to roil ties with Tokyo.
United States President Joe Biden has blocked the $14.9bn sale of the Pittsburgh, Pennsylvania-based US Steel to Japan’s Nippon Steel.
The move on Friday deals a potentially fatal blow to the merger plan, which had been under review by the US government for a year.
Top Republicans and Democrats had been broadly opposed to the merger throughout the 2024 presidential election campaign season. But while Biden had criticised the plan, he had withheld a final decision amid concerns over roiling ties with ally Japan.
In his statement announcing the move, Biden cited a strategic need to protect domestic industry. “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,” he said.
“That is why I am taking action to block this deal.”
