Biden announces blocking sale of US Steel to Japan's Nippon Steel

By : AFP

Update: 2025-01-03 13:29 GMT

This photo shows signage on the exterior of a blast furnace building during a media tour by Japanese company Nippon Steel at their East Nippon Works Kashima Area facility in Kashima, Ibaraki prefecture, north of Tokyo on December 6, 2024. US President Joe Biden has decided to block the proposed $14.9 billion purchase of US Steel by Japans Nippon Steel, according to two anonymous administration officials, the Washington Post reported on January 2, 2025. A White House announcement of the presidential finding is planned as soon as Friday unless Biden has a last-minute change of heart, which the officials do not expect, according to the Post. — AFP

Washington: President Joe Biden on Friday announced he has blocked the controversial $14.9 billion sale of US Steel to Japan's Nippon Steel, citing a strategic need to protect domestic industry.

“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,” Biden said in a statement. “That is why I am taking action to block this deal.”

Biden announces blocking sale of US Steel to Japan's Nippon Steel

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