Biden Stops Japan’s Nippon Steel From Buying U.S. Steel– legalinsurrection.com
Source Link
Excerpt:
President Joe Biden officially blocked Japan’s Nippon Steel from buying U.S. Steel.
In his statement, Biden cited national security and authority given to him under the Defense Protection Act of 1950 as to why he blocked the $14.1 billion deal:
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. 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.
