Joe Biden blocks Japan's Nippon Steel from buying US Steel

Biden decided to scrap the deal despite concerns that it could damage Washington's relations with Tokyo.

British Broadcasting CorporationWatch LiveHomeNewsSportBusinessInnovationCultureArtsTravelEarthVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureArtsTravelEarthVideoLiveAudioWeatherNewslettersBiden blocks Japan's Nippon Steel from buying US SteelGetty ImagesUS President Joe Biden has blocked the takeover of US Steel by a bigger Japanese firm, delivering on a political promise despite fears the move could hurt Washington's relations with Tokyo and scare off other foreign investors.

Biden cited threats to national security in rejecting the Nippon Steel purchase, saying US ownership was important to keeping the US steel industry and its supply chains strong.

His intervention follows pressure from the United Steelworkers union, which had opposed a transaction that was a sensitive political issue in the 2024 US presidential campaign.

The Japanese government has called Biden's decision "incomprehensible".

Nippon Steel and US Steel said Biden's decision showed the review of the deal had been "corrupted" for political gain.

https://www.bbc.com/news/articles/cx2vz83pg9eo

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