Biden to Block Nippon Steel's $14.1 Billion Acquisition of U.S. Steel, Announcement Expected Friday

Jan 3, 2025, 04:24 AM

President Joe Biden has decided to block Nippon Steel's proposed acquisition of U.S. Steel, according to multiple reports citing administration officials. The decision, expected to be announced as early as Friday, comes after months of public opposition from Biden to the sale of the once-iconic American company to a foreign buyer. The move is seen as a response to national security concerns raised by the Committee on Foreign Investment in the United States (CFIUS), which could not reach a consensus on the deal's implications. Nippon Steel had planned to purchase U.S. Steel for $14.1 billion (approximately 2 trillion yen), aiming to expand in the U.S. market, the world's largest consumer of steel. However, opposition from the United Steelworkers union and concerns over employment and national security led to the decision to block the acquisition.