Biden Blocks $15 Billion Nippon Steel Acquisition of U.S. Steel, Citing National Security Concerns

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Credited from: USATODAY

President Joe Biden has officially blocked the proposed $15 billion acquisition of U.S. Steel by Japan's Nippon Steel. His decision aligns with commitments made during his presidential campaign to protect U.S. industries from foreign ownership.
The move emphasizes national security issues, as Biden stated, “We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests.”
The Committee on Foreign Investment in the U.S. (CFIUS) had previously reviewed the deal. However, it failed to reach a consensus on potential security risks, leaving the final decision to Biden.
Both U.S. Steel and Nippon Steel condemned the decision, claiming it reflects a violation of due process and indicating plans to challenge the ruling in court.
This decision could have significant repercussions on U.S.-Japan relations, which might be strained following the rejection of a major financial deal involving Japan's largest steel producer.

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