Biden says he will block US Steel sale to Nippon Steel
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.
Nippon Steel had previously indicated it could take legal action if the deal was blocked. U.S. Steel had also said it hoped Biden would approve the transaction.
Nippon Steel first announced in December 2023 that it planned to purchase U.S. Steel for roughly $15 billion. The planned transaction raised alarms among Pennsylvania lawmakers and steelworkers about what it could mean for outsourcing jobs, for union workers and for U.S. supply chains.
The president last March called it "vital" for U.S. Steel to remain domestically owned and operated.
The Committee on Foreign Investment in the United States, which reviews certain transactions involving foreign investments, spent roughly a year examining the potential deal. While Biden publicly opposed it, the White House did not make an official announcement on whether he would block the transaction or allow it to proceed amid complicated election-year politics as he, and later Vice President Harris, courted union voters and sought to project strength on economic issues.
“As I have said many times, steel production—and the steel workers who produce it—are the backbone of our nation,” Biden said Friday. “A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.
“That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base,” he added. “Without domestic steel production and domestic steel workers, our nation is less strong and less secure.”
President-elect Trump had also said he would block Nippon Steel’s efforts to buy U.S. Steel.
Updated at 8:43 a.m. EST
Topics
-
Biden Blocks Sale of U.S. Steel to Nippon Steel
The yearlong campaign by the Japanese steelmaker for a $14.1 billion deal crashed against opposition to foreign ownership from political leaders and the United Steelworkers union.The Wall Street Journal - 2d -
Biden Plans to Block U.S. Steel Sale to Nippon Steel After Long Fight
The embattled $14.9 billion bid will likely be scrapped if the President declines to approve Nippon Steel’s merger plan, administration officials said.Inc. - 2d -
Biden blocks Japan's Nippon Steel from buying US Steel
Biden decided to scrap the deal despite concerns that it could damage Washington's relations with Tokyo.BBC News - 2d -
US Steel CEO rips Biden's 'shameful' move blocking sale
U.S. Steel’s president and CEO declared President Biden’s decision to block the company from being acquired by the Japanese corporation Nippon Steel “shameful” and “corrupt” in a Friday afternoon ...The Hill - 2d -
Biden blocks US Steel sale
Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Biden blocks US Steel sale President Biden has announced he will block the sale ...The Hill - 2d -
US Steel acquisition by Japan’s Nippon blocked
Domestic steel production is essential to U.S. security, Biden said.ABC News - 2d -
Biden blocks Nippon Steel’s $15bn takeover of US Steel
Companies threaten legal action in response to outgoing president’s decisionFinancial Times - 2d -
Biden blocks sale of U.S. Steel to Japan's Nippon Steel
President Biden has blocked the acquisition of U.S. Steel by Japanese company Nippon Steel. NBC News' Kelly O'Donnell reports on how the president came to the decision and the impact it could have.NBC News - 2d -
Joe Biden blocks Nippon Steel’s $14.9bn bid to purchase US Steel
President cites national security concerns as he follows through on pledge to keep steelmaker domestically owned. Joe Biden has blocked a $14.9bn bid by Japan’s Nippon Steel for US Steel, ...The Guardian - 2d
More from The Hill
-
Biden: Jan. 6 reminds us that democracy 'is never guaranteed'
President Biden said in a Sunday opinion piece for The Washington Post that the Jan. 6, 2021 attack on the U.S. Capitol reminds Americans that democracy “is never guaranteed.” “We should commit to ...The Hill - 3h -
Trump blasts the 'corrupt' and 'broken' legal system ahead of his sentencing
President-elect Trump on Sunday blasted the “corrupt” and “broken” legal system ahead of a Jan. 10 sentencing date in his New York hush money case. In a Truth Social post highlighted by Mediaite, ...The Hill - 4h -
Trump calls on GOP to pass his agenda in 'one powerful bill'
President-elect Trump on Sunday made public his support for Republican lawmakers to pass key components of his agenda into law with a single reconciliation bill, previewing what is expected to be a ...The Hill - 5h -
MSNBC host blasts Trump for Mar-a-Lago event with John Eastman documentary: 'Sickening'
MSNBC’s Symone Sanders-Townsend on Sunday criticized a recent event featuring a documentary about President-elect Trump’s ally John Eastman that occurred at the president-elect’s Mar-a-Lago estate. ...The Hill - 5h -
Biden signs Social Security bill, says American retirees deserve 'economic security and dignity'
President Biden on Sunday signed a Social Security bill repealing two statutes that have diminished payouts to public sector workers including firefighters and teachers for years. “The bill I’m ...The Hill - 8h
More in Politics
-
Biden: Jan. 6 reminds us that democracy 'is never guaranteed'
President Biden said in a Sunday opinion piece for The Washington Post that the Jan. 6, 2021 attack on the U.S. Capitol reminds Americans that democracy “is never guaranteed.” “We should commit to ...The Hill - 3h -
Trump blasts the 'corrupt' and 'broken' legal system ahead of his sentencing
President-elect Trump on Sunday blasted the “corrupt” and “broken” legal system ahead of a Jan. 10 sentencing date in his New York hush money case. In a Truth Social post highlighted by Mediaite, ...The Hill - 4h -
Trump calls on GOP to pass his agenda in 'one powerful bill'
President-elect Trump on Sunday made public his support for Republican lawmakers to pass key components of his agenda into law with a single reconciliation bill, previewing what is expected to be a ...The Hill - 5h -
Trump backs massive single bill for taxes, border and energy
Some Republicans have expressed support for enacting two pieces of legislation, instead of trying to stuff everything into one bill.Politico - 5h -
MSNBC host blasts Trump for Mar-a-Lago event with John Eastman documentary: 'Sickening'
MSNBC’s Symone Sanders-Townsend on Sunday criticized a recent event featuring a documentary about President-elect Trump’s ally John Eastman that occurred at the president-elect’s Mar-a-Lago estate. ...The Hill - 5h