President Joe Biden announced on Jan. 3 that he is blocking the proposed takeover of U.S. Steel by Japanese company Nippon Steel.
“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a statement detailing the reasoning behind his decision. “As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains.”
