Biden blocks Japan’s Nippon from taking over US Steel

President Joe Biden said Friday he is blocking a $14.3 billion acquisition of US Steel by Japan’s Nippon Steel, marking a significant use of executive authority in the closing days of his administration.

“As I have said many times, steel production – and the steel workers who produce it – are the backbone of our nation,” he said in a statement. “A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.”