In a move that has sparked debate over national security and economic priorities, President Joe Biden announced his decision to block a $15 billion acquisition of U.S. Steel by Japan’s Nippon Steel. The announcement marks the culmination of a yearlong saga that intertwined global business and election-year politics.
The Treasury Department’s national security review committee failed to reach a consensus on the deal, leaving the final decision to Biden. While reports had hinted as early as September that the president might halt the acquisition, his confirmation on Friday solidified the administration’s stance.
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“As I have said many times, steel production — and the steel workers who produce it — are the backbone of our nation,” Biden stated. “A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. … Without domestic steel production and domestic steel workers, our nation is less strong and less secure.”
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