President Joe Biden has upheld his promise to block the proposed $15 billion acquisition of Pittsburgh-based U.S. Steel by Nippon Steel of Japan. Biden emphasized the importance of major U.S. companies leading the fight for America's national interests in a statement released on Friday morning.
The decision follows the Committee on Foreign Investment in the United States (CFIUS) failing to reach a consensus on the potential national security risks posed by the deal. The committee, chaired by Treasury Secretary Janet Yellen, submitted a report to Biden, who had 15 days to make a final decision as per federal law.
