Public court records or official announcements from Nippon Steel or U.S. Steel

Biden 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.