President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel. This affirms his vow in March to block the acquisition. In a Friday morning statement, Biden said, “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.” His decision comes after the Committee on Foreign Investment in the United States failed to reach consensus on the possible national security risks of the deal last month, and sent a long-awaited report on the merger to Biden who had 15 days to reach a final decision.
