United States President Joe Biden on Friday decided to block Japan's Nippon Steel Corporation's $14.9 billion takeover of US Steel Corporation, confirming previous reports.
"As a committee of national security and trade experts across the executive branch determined, 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. "So, that is why I am taking action to block this deal," he added.
Biden insisted that US Steel "will remain a proud American company" which plays a key role in one of the most important sectors for US security.
