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, citing concerns the deal could hurt national security and following through on a pledge to keep the steelmaker domestically owned as he prepares to depart the White House.
The two companies said they would take all “appropriate action to protect their legal rights”, with Nippon Steel reportedly preparing to sue the US government.
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