Loading...
Loading...
Browse all stories on DeepNewz
VisitBiden Blocks $14.9 Billion Nippon Steel Acquisition of U.S. Steel, Prompting Legal Threat and Japan's Disappointment
Jan 4, 2025, 10:45 AM
President Joe Biden has blocked the proposed acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns. The decision, made public on January 3, 2025, halts a deal valued at $14.9 billion. Both Nippon Steel and U.S. Steel have expressed dismay over the decision, labeling it as a 'clear violation of due process and the law.' They are considering legal action against the U.S. government to contest the block. Japanese Economy, Trade and Industry Minister Yoji Muto has criticized the decision as 'incomprehensible and regrettable,' highlighting concerns about future investments between Japan and the U.S. The move, seen as one of Biden's last acts in office, marks the first time a U.S. president has blocked a takeover of a U.S. company by a Japanese firm, sparking discussions on the implications for U.S.-Japan relations and the steel industry's future.
View original story
Markets
No • 50%
Yes • 50%
Official announcements from the Japanese government or international trade news outlets
Yes • 50%
No • 50%
Public court records or official announcements from Nippon Steel or U.S. Steel
No • 50%
Yes • 50%
Official announcements from the U.S. government or relevant regulatory bodies
No significant change • 25%
Strengthened relations • 25%
Increased tensions • 25%
Weakened relations • 25%
Official trade agreements, governmental announcements, or trade analysis reports
Uncertain • 25%
No significant change • 25%
Increase in investments • 25%
Decrease in investments • 25%
Reports from investment firms, industry analysis, or official investment announcements
Case dismissed • 25%
Nippon Steel wins • 25%
U.S. government wins • 25%
Settlement reached • 25%
Court rulings or official announcements from involved parties