Biden Blocks Nippon Steel's $14.9 Billion U.S. Steel Acquisition on National Security Grounds

Jan 3, 2025, 01:36 PM

President Joe Biden has officially blocked Nippon Steel's proposed acquisition of U.S. Steel for $14.9 billion, citing national security concerns. Announced on Friday after a year-long review, the decision effectively ends the contentious merger plan between the once-iconic American company and Japan's largest steelmaker. Biden stated, 'Without domestic steel production and domestic steel workers, our nation is less strong and less secure.' The move has sparked political tensions between the United States and Japan. U.S. Steel has indicated that, without the deal, it may have to close down steel mills.