Biden Blocks Nippon Steel's Bid for U.S. Steel Amid National Concerns

President Joe Biden has decided to block Nippon Steel's acquisition of U.S. Steel, according to reports. Despite efforts by some advisers, concerns over potential impact on U.S.-Japan relations influenced the decision. The Committee on Foreign Investment had referred the decision to Biden, with an announcement expected soon.

President Joe Biden has made the definitive decision to block Nippon Steel's proposed acquisition of its American counterpart, U.S. Steel. This development was reported by the Washington Post, referencing statements from two anonymous administration officials.

The matter was previously escalated to Biden by the Committee on Foreign Investment in the United States (CFIUS). Despite opposing views from some senior advisers about the possible consequences for U.S.-Japan relations, Biden opted to reject the bid. He is set to leave office on January 20, but a final statement is anticipated as early as Friday.

While the White House, Nippon Steel, and U.S. Steel representatives have either declined to comment or refrained from providing new statements, the focus now turns to the international repercussions this decision might invoke, and the extent to which it may challenge existing economic ties.

(With inputs from agencies.)