President Biden Blocks Nippon Steel's $14.9 Billion U.S. Steel Deal, Citing National Security

Jan 3, 2025, 04:07 AM

President Joe Biden has decided to officially block Nippon Steel's proposed $14.9-billion acquisition of U.S. Steel, citing national security concerns, according to reports from The Washington Post and other media outlets. The decision, expected to be announced as early as Friday, ends the contentious merger plan that Biden had publicly opposed for months. The United Steelworkers union criticized Nippon Steel's proposal, calling it 'destined to fail' due to a lack of long-term commitments. Nippon Steel had indicated it was prepared to pursue legal action if the deal was blocked. The move to reject a deal from a friendly nation like Japan is considered unusual and may impact efforts to strengthen U.S.-Japanese relations during Biden's administration.