Biden Blocks Nippon Steel's $14.9 Billion Bid for U.S. Steel, Citing National Security Concerns

The decision has sparked lawsuits, political backlash, and competing acquisition interests from Cleveland-Cliffs.

President Biden blocked Nippon Steel's acquisition of U.S. Steel, citing risks to national security and the supply chain, despite objections from the Japanese company.
Nippon Steel has filed a lawsuit against the U.S. government, alleging the decision was politically motivated and lacked due process during the review by CFIUS.
Cleveland-Cliffs, a U.S.-based steelmaker, has expressed interest in acquiring U.S. Steel if the Nippon deal fails, though progress on this remains delayed by ongoing negotiations.
The United Steelworkers union has supported the Biden administration's decision, while Nippon Steel argues that the move undermines foreign investment and U.S.-Japan relations.
The blocked deal has raised concerns about potential job losses and financial impacts on U.S. Steel, with competing views on the company's long-term stability.