Biden To Block Nippon Steel’s $14 Billion Bid For U.S. Steel

President Joe Biden is expected to block the $14 billion takeover of U.S. Steel by Japan's Nippon Steel, citing national security concerns, The New York Times reported.

Many U.S. Steel workers favor the acquisition. I Photo: United States Steel Corporation Facebook

The decision marks a significant use of executive authority and could have far-reaching consequences for foreign investments in the U.S. sensitive industries.

The Committee on Foreign Investment in the United States (CFIUS), while not making a formal recommendation, raised concerns about the deal's potential impact on U.S. steel production and national security.

The move risks straining relations with Japan, a key ally and major source of foreign investment.