Biden Blocks Nippon Steel's Bold Move Amid National Security Concerns

President Joe Biden has blocked Nippon Steel's bid to purchase U.S. Steel citing national security reasons. The decision has drawn backlash from both companies, with Nippon considering legal action. The United Steelworkers union has praised the move, emphasizing the importance of a strong domestic steel industry.

President Joe Biden has officially halted Nippon Steel's $14.9 billion acquisition of U.S. Steel, citing national security issues. The decision, announced after a year-long review, has sparked significant reactions from both sides of the deal.

Nippon Steel and U.S. Steel condemned the decision, labeling it a political maneuver. They expressed intentions to defend their legal rights, while the United Steelworkers union welcomed Biden's action, citing national security benefits.

Meanwhile, analysts raise concerns about the financial impacts on U.S. Steel amid a downturn in the industry, as Nippon Steel assesses its international expansion strategy following the deal's collapse.

(With inputs from agencies.)