President Biden announced Friday he would block the sale of U.S. Steel to Japanese-owned Nippon Steel following a yearlong review of the potential acquisition.
“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a statement. “As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains.”
“So, that is why I am taking action to block this deal,” Biden said.
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