Biden blocks U.S. Steel takeover by Japan’s Nippon Steel, citing national security– www.cnbc.com
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President Joe Biden on Friday officially blocked the takeover of U.S. Steel by Japan’s Nippon Steel, making good on his promise to keep an industrial name that is more than a century old under domestic ownership.
Biden said the proposed $14.9 billion acquisition by Nippon would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation’s critical supply chains.
“Today’s action reflects my unflinching commitment to utilize all authorities available to me as President to defend U.S. national security, including by ensuring that American companies continue to play a central role in sectors that are critical for our national security,” Biden said in a statement.
U.S. Steel’s stock dropped by nearly 8% in premarket trading Friday following the president’s announcement.
