Biden Admin to Block Nippon Steel's U.S. Steel Deal

The Biden administration is preparing to block Nippon Steel's $14.9 billion acquisition of U.S. Steel, citing national security risks and threats to American steel production. The decision has bipartisan support from Vice President Kamala Harris and former President Donald Trump, both emphasizing the need for U.S. Steel to remain American-owned. U.S. Steel CEO David Burritt warns that blocking the deal could lead to the closure of steel mills, the loss of thousands of union jobs, and the potential relocation of the company's headquarters from Pennsylvania. Nippon Steel has pledged significant investments in U.S. Steel, arguing the deal is vital for competing with China. The controversial decision comes amid the 2024 presidential race, with Pennsylvania being a key battleground state.