Biden blocks $14.9 billion US-Japan steel deal over national security concerns

NEWS WIRES

3 January 2025 at 8:41 am·1-min read

US President Joe Biden speaks at the Brookings Institution in Washington, DC, on December 10, 2024.

US President Joe Biden on Friday blocked the sale of US Steel to Japan's Nippon Steel, citing concerns that the deal could threaten national security and industrial supply chains. The companies said that the move was a "clear violation of due process and the law" in a joint statement.

President Joe Biden on Friday blocked the controversial $14.9 billion sale of US Steel to Japan's Nippon Steel, citing a strategic need to protect domestic industry -- but the move drew sharp criticism from both companies.

The decision came after a government panel failed to reach consensus last month on whether the acquisition threatened US national security, shifting the decision to the veteran Democrat in the waning days of his presidency.

The move nevertheless enjoyed rare bipartisan agreement, with Republican President-elect Donald Trump and incoming vice president JD Vance also campaigning against the sale.

"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," Biden said in a statement.

"That is why I am taking action to block this deal."

The United Steelworkers union quickly welcomed the announcement.

(AFP)

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