Biden Blocks Nippon Steel's USD 15 Billion Acquisition of US Steel

President Joe Biden has rejected Nippon Steel's USD 15 billion proposal to acquire US Steel. This decision was made to uphold America's national interests, following a report from the Committee on Foreign Investment regarding potential national security risks. Biden affirmed his commitment to preserving US steelmaking capacity.

President Joe Biden has officially rejected a proposed USD 15 billion deal that would have allowed Nippon Steel of Japan to acquire US Steel, based in Pittsburgh. This move reaffirms Biden's earlier promise to obstruct the acquisition to safeguard American national interests.

The decision follows an inconclusive assessment by the Committee on Foreign Investment in the United States (CFIUS), which, last month, delivered a critical report evaluating potential national security threats posed by the merger. The President had 15 days to deliberate before making his final call.

Biden emphasized the need for major US companies to maintain a significant share of the nation's steelmaking capacity, highlighting their role in defending America's strategic priorities.

(With inputs from agencies.)