President Biden is blocking the proposed $14 billion acquisition of U.S. Steel by Nippon Steel.
"A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.  That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base. Without domestic steel production and domestic steel workers, our nation is less strong and less secure", Biden stated on Friday. 

President Joe Biden on Friday officially blocked the takeover of U.S. Steel by Japan’s Nippon Steel, making good on his promise to keep an industrial name that is more than a century old under domestic ownership.

Biden said the proposed $14.9 billion acquisition by Nippon would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation’s critical supply chains.

President Joe Biden said Friday he is blocking a $14.3 billion acquisition of US Steel by Japan’s Nippon Steel, marking a significant use of executive authority in the closing days of his administration.

“As I have said many times, steel production – and the steel workers who produce it – are the backbone of our nation,” he said in a statement. “A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.”