President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel. This affirms his earlier vow to block the acquisition. In a Friday statement, Biden said, “We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests.” His decision comes after the Committee on Foreign Investment in the United States didn't reach consensus on the possible national security risks of the deal last month. Nippon Steel and U.S. Steel blasted the decision, saying Biden cited no credible evidence of a national security problem and suggested they'll sue.
