President Joe Biden said Friday he would block the nearly $15 billion acquisition of U.S. Steel by Nippon Steel of Japan, citing national security concerns.
“It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad,” Biden said in a statement reported by media outlets. “And it is a fulfillment of that responsibility to block foreign ownership of this vital American company.”
