Biden Blocks Nippon Steel’s $14 Billion Acquisition of U.S. Steel

The outgoing president cites national security concerns, while critics argue the decision jeopardizes jobs and economic growth.

President Joe Biden blocked Nippon Steel’s $14 billion bid to acquire U.S. Steel, citing risks to national security and the need to maintain domestic steel production capacity.
The decision has drawn mixed reactions, with some praising the move as a defense of American workers and infrastructure, while others warn of potential job losses and economic setbacks.
Nippon Steel and U.S. Steel jointly criticized the decision, claiming it lacked credible evidence of a security threat and was politically motivated.
Pennsylvania officials, including Governor Josh Shapiro and Senator John Fetterman, have expressed concerns about the sale’s potential impact on local steelworkers and communities.
Nippon Steel has pledged to explore legal options, while the incoming Trump administration faces pressure to address the future of the U.S. steel industry.