President Biden has blocked the proposed sale of US Steel to Nippon Steel, citing concerns over national security and the protection of the domestic steel industry.
President Biden blocked the $14.9 billion sale of US Steel to Nippon Steel , citing the need to protect domestic industry. This decision came after a government panel failed to reach consensus last month on whether the acquisition threatened US national security , shifting the decision to Biden in the waning days of his presidency.
Nippon Steel has decided to file a lawsuit against the US government to challenge the appropriateness of the procedures by which President Joe Biden issued an order to block its acquisition of US Steel. The companies said they would take 'all appropriate action to protect their legal rights' after Biden's move. 'The President's statement and order do not present any credible evidence of a national security issue, making clear that this was a political decision,' the companies said in a joint statement. Biden stated, '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.
US Steel Nippon Steel Biden National Security Merger
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