US prepares to block Nippon Steel takeover of US Steel

The controversial move comes during a heated election year in the US.

British Broadcasting CorporationWatchHomeNewsSportBusinessInnovationCultureTravelEarthVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS ElectionUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessWomen at the HelmFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureTravelEarthVideoLiveAudioWeatherNewslettersUS plans to block Nippon Steel takeover of US Steel - US mediaGetty Images President Joe Biden is preparing to block the takeover of a storied US steel-maker by a Japanese company, a controversial move that critics say would lead to job losses and could chill foreign investment in the US, according to US media reports.

The $15bn deal was announced by Japan's Nippon Steel and US Steel last year.

It would have created one of the world's biggest steel companies outside of China and had been hailed by investors as an answer to the company's financial woes.

But it soon ran into resistance from politicians and the US Steelworkers union, which said it did not want to see the 123-year-old firm fall into foreign hands.

US Steel shares fell nearly 20% after reports of the decision, which involves a company headquartered Pennsylvania, a swing state, during a heated campaign season.

https://www.bbc.com/news/articles/clynexz6l1eo

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