Biden Blocks Nippon Steel's U.S. Steel Acquisition

President Joe Biden has blocked a proposed $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns and the need for a robust domestic steel industry. The decision, made just before Biden's departure from the White House, follows significant scrutiny by the Committee on Foreign Investment in the United States, which failed to reach a consensus on the deal. Labor unions, particularly the United Steelworkers, opposed the acquisition due to concerns over Nippon Steel's labor practices and its connections to China. Critics argue that blocking such international investments could damage U.S.-Japan relations and diverge from traditional open investment policies. Nippon Steel has indicated plans to pursue legal action against the government's decision, while U.S. Steel may seek alternative buyers. Biden emphasized the importance of a domestically owned steel industry for national security and economic stability.