Biden blocks Japan's Nippon Steel from acquiring U.S. Steel
President Joe Biden said Friday that he has decided to block a $15 billion takeover of U.S.
President Joe Biden said Friday that he has decided to block a $15 billion takeover of U.S. Steel by the Japanese company Nippon Steel, capping off a yearlong business saga that drifted into election politics.
A national security review by a Treasury Department committee failed to reach a consensus on the deal last month and deferred the final decision to the president. NBC News had reported in September that Biden was preparing to block the takeover.
The president, who leaves office in little more than two weeks, faced a challenging political calculus over the fate of the iconic Pittsburgh-based firm: Allowing a foreign entity with far greater resources to take it over could put the business on stabler financial footing, while keeping U.S. Steel in American hands risked the company’s survival under intense foreign competition. But the deal was opposed by a powerful steelworkers union.
U.S. Steel's Clairton Coke Works in Clairton, Pa. Quinn Glabicki for The Washington Post via Getty Images"As I have said many times, steel production — and the steel workers who produce it — are the backbone of our nation," Biden said in a statement. "A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. ... Without domestic steel production and domestic steel workers, our nation is less strong and less secure."
President-Elect Donald Trump had also voiced opposition to the takeover proposal during the 2024 presidential campaign. A Trump representative did not immediately respond to a request for comment Friday.
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