Biden Blocks Nippon Steel’s $14.1 Billion Takeover of US Steel
- President sees ‘credible threat’ to US security in the deal
- Companies say they plan to pursue legal action to advance sale
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President Joe Biden has blocked the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp., killing a high-profile deal that sparked a political firestorm and tensions between the US and Japan.
Biden announced his formal decision on Friday after the case was referred to him by a US security review panel, ahead of a deadline early next week.