Biden Blocks Nippon Steel's $14.9 Billion Bid for U.S. Steel

Citing national security concerns, President Biden overrides advisers and halts Japanese acquisition of iconic American steel company.

President Biden rejected Nippon Steel's $14.9 billion bid to acquire U.S. Steel, prioritizing domestic ownership of the company for national security reasons.
The decision overrode recommendations from several top advisers, including officials from the Treasury and State Departments, who argued the deal posed no security risk and could strengthen U.S.-Japan relations.
Biden’s move aligns with his pro-labor stance, supported by the United Steelworkers union, but has drawn criticism for being politically motivated and potentially discouraging foreign investment in the U.S.
Nippon Steel pledged significant investments in U.S. Steel facilities and compliance with union contracts, but concerns about job security and production capacity influenced the administration's decision.
The Japanese government and Nippon Steel have criticized the decision, with the company threatening legal action, claiming the review process was politically biased and lacked due process.