Biden to Prevent Sale of U.S. Steel to Japanese Firm
The outgoing president announced the decision on January 3.
On January 3, President Joe Biden declared that he is prohibiting the acquisition of US Steel by the Japanese firm Nippon Steel.
“It is essential for major U.S. companies, which account for most of the nation’s steelmaking capacity, to continue leading the charge to protect America’s national interests,” Biden stated in a press release outlining the rationale for his decision. “A committee of national security and trade specialists reviewed this matter and found that this acquisition would put one of the largest steel producers in America under foreign governance, posing risks to our national security and essential supply chains.”
Nippon Steel had intended to invest $15 billion to acquire US Steel.
The Committee on Foreign Investment in the United States was unable to reach a conclusion regarding the approval of the transaction and referred the issue to Biden in December 2024.
President-elect Donald Trump, who will take office on January 20, indicated that he would prevent the proposed takeover.
This is a developing story and will be updated.
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