US President Joe Biden on Friday said he is blocking the $14.3 billion acquisition of US Steel (X) by Japan's Nippon Steel, claiming that foreign ownership over one of America's largest steel producers posed national security threat.
"As I have said many times, steel production - and the steel workers who produce it - are the backbone of our nation," he said in a statement. "A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains."
"For too long, U.S. steel companies have faced unfair trade practices as foreign companies have dumped steel on global markets at artificially low prices, leading to job losses and factory closures in America. I have taken decisive action to level the playing field for American steelworkers and steel producers by tripling tariffs on steel imports from China. With record investments in manufacturing, more than 100 new steel and iron mills have opened since I took office, and U.S. companies are producing the cleanest steel in the world," he added.
Biden has opposed the deal, which was announced a year ago. President-elect Donald Trump also said he opposes the deal and that he also would block it once he takes office.
In 2023, Nippon Steel agreed to acquire US Steel in an all-cash deal valued at $55.00 per share, totaling $14.9 billion. The deal had received regulatory approvals outside of the U.S.
Last month, the Committee for Foreign Investment in the United States notified Biden that it had not reached a consensus about whether or not US Steel's sale to Nippon would pose a national security risk.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.