by George Jared (gjared@talkbusiness.net)
Citing national security concerns, President Joe Biden has blocked the sale of U.S. Steel to Japanese-based Nippon Steel Corporation. The $15 billion deal, more than a year in the making, was halted by the president on Friday (Jan. 3).
“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,” Biden said in a released statement.
Both U.S. Steel and Nippon immediately threatened legal action. In a jointly released statement, the two steel manufacturers said there is no threat to national security and this was a politically motivated move.
