President Joe Biden is set to announce the blocking of a $14.3 billion acquisition of US Steel by Japan's Nippon Steel, a move that showcases the significant use of executive authority in the final days of his administration. The decision, expected to be made public on Friday, has been a topic of discussion since it was first reported by the Washington Post and New York Times.
The deal, announced a year ago, has faced opposition from both Biden and President-elect Donald Trump. The concern revolves around foreign control of a crucial component of US industrial strength, with fears that blocking the deal could impact future foreign investments in American companies.
