Brief by Shorts91 Newsdesk / 12:02pm on 04 Jan 2025,Saturday International
President Joe Biden has blocked the $14.9 billion sale of US Steel to Japan’s Nippon Steel, citing risks to national security. The decision followed a deadlock in the Committee on Foreign Investment in the United States (CFIUS). Biden emphasized the need to protect domestic industry and critical supply chains, a move welcomed by the United Steelworkers union. Nippon Steel and US Steel criticized the decision, calling it politically driven and a violation of due process. Japan’s industry minister expressed regret over the decision. Biden reiterated his commitment to rebuilding the US manufacturing base and maintaining resilient supply chains.
