Biden to block Nippon Steel’s takeover of US Steel, reports say
Al Jazeera
US president expected to announce decision to block proposed sale of Pittsburgh-based steelmaker as early as Friday.
United States President Joe Biden has decided to block the proposed takeover of US Steel by Japan’s Nippon Steel, US media has reported.
Biden is expected to announce his decision to scuttle the $14.9bn sale on national security grounds as early as Friday, The New York Times, The Washington Post and Bloomberg reported, citing people familiar with the matter.
Biden’s decision comes after the Committee on Foreign Investment in the United States last month failed to reach a consensus on the possible national security risks of the deal, and just weeks before he hands control of the White House to US President-elect Donald Trump.
Biden had been widely expected to block the sale of the Pittsburgh-based steelmaker to Japan’s largest steel producer after opposing the proposal during his ill-fated re-election campaign.
Trump, who takes office on January 20, also opposed the deal, describing the proposed sale as “a horrible thing”.
