Biden To Block Purchase Of US Steel By Japanese Firm

The Washington Post reports:

President Joe Biden has decided to officially block Nippon Steel’s proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorized to speak publicly about the matter.

Nippon Steel and U.S. Steel have vowed to pursue legal action against the government, claiming it failed to follow proper procedures during its consideration of the acquisition.

The president’s action comes after a Dec. 23 report by the interagency committee responsible for reviewing foreign investments in the United States for potential national security concerns. The Committee on Foreign Investment in the United States (CFIUS) said it was unable to reach a consensus on the risks of the Nippon Steel deal, leaving the final verdict with the White House.

Read the full article. We can probably expect Herr America First to reverse the order just out of spite.

WATCH: US President Joe Biden has decided to block Nippon Steel’s proposed $14.9-billion acquisition of U.S. Steel, marking a likely end to the controversial merger plan, according to a source familiar with the decision and a report by the Washington Post https://t.co/ssPwyDGiFf pic.twitter.com/7VGkDaiFZF

— Reuters Asia (@ReutersAsia) January 3, 2025