President Joe Biden has stopped the sale of U.S. Steel to Nippon Steel Corp., a Japanese company. He used his presidential power to do this, saying it’s important for national security.
Biden blocked the $14.9 billion deal because he wants U.S. Steel to stay American-owned and operated by American workers. He had opposed the sale since it was announced in December 2023.
A committee that checks deals for national security risks couldn’t decide on this one, so they left it up to Biden. U.S. Steel is based in Pittsburgh and is the second-largest steel maker in the U.S. It has faced challenges over the years, with fewer workers now than 15 years ago.
Biden said keeping the steel industry strong and American-owned is important for the country’s strength. President-elect Donald Trump also promised to block the sale when he takes office on January 20.
Biden mentioned that foreign companies have sold steel at very low prices, hurting American jobs and factories. In April, he raised tariffs on steel and aluminum from China.
Biden said he is committed to using all his powers to protect U.S. national security and ensure American companies remain important in key areas. He will always act to protect the nation’s security and supply chains.
