The Biden administration blocked Nippon Steel's $15 billion acquisition of U.S. Steel, citing national security and supply-chain concerns. U.S. Steel CEO David Burritt criticized the decision, calling it 'shameful' and 'corrupt,' while industry experts say the move leaves U.S. Steel with limited options for growth and investment.
The Biden administration's move on Friday to block Nippon Steel 's proposed purchase of U.S. Steel raises questions about the once iconic American company's future, with industry sources saying the manufacturer could struggle to energize growth or attract rival acquisition bids.President Biden stopped the $15 billion deal over national security and supply-chain concerns.U.S. Steel CEO David B. Burritt blasted the decision, calling Mr.
'Following President Biden's decision, we are left with no choice but to take all appropriate action to protect our legal rights.'The companies added that the transaction would 'revitalize communities' that rely on the steel industry, provide steelworkers with job security and improve the American steel supply chain. Nippon Steel has proposed investing $3 billion in U.S. Steel under the deal.
US Steel Nippon Steel Acquisition Biden Administration National Security Supply Chain Economic Impact Industry Merger
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