President Biden Blocks Sale of US Steel to Nippon

President Joe Biden blocked Nippon Steel's $14.3 billion proposal to acquire U.S. Steel on Friday.

The Details: Biden has opposed the deal, even before a federal interagency committee evaluated the merger for national security concerns. Following Biden’s decision to block the merger, U.S. Steel’s stock dropped by nearly 8% during premarket trading Friday.

For Context: The deal has faced open opposition from the United Steelworkers Union (USW), along with both President Biden and President-elect Donald Trump. Although Biden has used his executive authority to block the deal, both companies have vowed to challenge the decision in court. U.S. Steel warned that canceling the deal could jeopardize the company’s future in Pittsburgh and put thousands of union jobs at risk.

How the Media Covered It: Media across the political spectrum showcased the common ground that exists between Trump and Biden in their opposition to the merger. Outlets like Fox Business (Lean Right bias) and CNBC (Center bias) tended to highlight the “bipartisan swing toward protectionism in the U.S.” saying the “decision to block the sale shows that even staunch allies like Japan are not immune.” Outlets on the left, like CNN (Lean Left bias) framed their article to show the political nature of the decision, concluding that the majority of agencies found no risk to national security, citing a senior official's concerns over Biden’s “bad decision.”