Biden blocks Japan's Nippon Steel from buying US Steel

President Joe Biden blocked the acquisition of US Steel by Nippon Steel, citing national security concerns and the importance of US ownership for the steel industry. The decision, influenced by pressure from the United Steelworkers union and political promises, was deemed “incomprehensible” by Japan and prompted backlash from the companies. Despite criticisms and fears of damaging relationships with allies, Biden emphasized the need for a strong domestically owned steel industry to ensure national security and resilient supply chains.

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