Joe Biden blocked a $14.9bn bid by Japan’s Nippon Steel for US Steel on Friday, citing concerns the deal could hurt national security and following through on a pledge to keep the steelmaker domestically owned as he prepares to depart the White House.
“US Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world,” the US president said in a statement.
The anticipated move cuts off a critical lifeline of capital for the beleaguered American icon. US Steel, which sought to argue the deal would enhance, not hinder, US national security, has warned it would have to idle key mills without the nearly $3bn in promised investment from its Japanese suitor.
US Steel and Nippon Steel did not immediately respond to requests for comment. Shares in US Steel dropped 8% during pre-market trading in New York.
Read more here: https://www.theguardian.com/us-news/2025/jan/03/us-blocks-us-steel-nippon-steel