President Joe Biden on Friday invoked a rarely-used presidential power to prevent the Japanesesteel giant Nippon Steel from purchasing the United States Steel Corporation, citing the $14.1 billion deal’s potential consequences to American national security after a year-long review process.
The long-awaited decision to prohibit the transition, which would have placed America’s largest steel-making enterprise under foreign control, blocks Nippon Steel and its’ American affiliates from any attempt to acquire control of the Pittsburgh-based U.S. Steel.
