Biden blocks Nippon Steel's $14.9bn acquisition of US Steel over national security concerns

Politics

1 year ago

News sources:

Credited from: BBC

**US President Joe Biden has blocked the** proposed $14.9 billion **purchase of US Steel by Nippon Steel** from Japan, citing national security concerns.
The **White House's executive order** cited "credible evidence" that the acquisition could impair the **national security of the United States**.
Despite **intense lobbying** from senior advisors warning about potential damage to US-Japan relations, Biden decided against the deal.
The decision followed a **deadlock** in late December by a US government panel, which could not agree on the implications of the deal.
Biden's decision comes as **Pennsylvania** becomes a critical battleground in the upcoming elections, with local unions opposing the acquisition.

For more details, visit the original article at BBC News.