President Biden blocks Japan's Nippon Steel's $14.9B US Steel acquisition over security concerns.
President Joe Biden has decided to block Japan's Nippon Steel's $14.9 billion acquisition of U.S. Steel, citing national security concerns. The decision comes after a review by the Committee on Foreign Investment in the United States, which flagged potential risks to critical steel supplies for defense. Despite Nippon Steel's offer to guarantee production in several states, Biden's move aims to protect the domestic steel industry and jobs. US Steel's stock fell in reaction to the announcement.
3 months ago
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