Open the White House Watch newsletter for free
Your guide to what the 2024 US elections mean for Washington and the world
US President Joe Biden has blocked a $15 billion deal for Japan’s Nippon Steel to buy US Steel, dealing a setback to Washington’s relationship with its closest allies in the Asia-Pacific region.
Biden, who has long opposed the purchase, issued an order on Friday requiring Nippon Steel and US Steel to “fully and permanently abandon the proposed transaction” within 30 days.
The move comes just 17 days before the presidency is handed over to Donald Trump, who also opposes the deal.
Biden said in the executive order that there was “credible evidence” that Nippon Steel, through the acquisition, “may take actions that threaten to weaken the national security of the United States.”
The announcement comes after the Interagency Committee on Foreign Investment in the United States failed to reach consensus by a December 23 deadline on whether the takeover poses a national security threat.
Shares of US Steel fell nearly 8 percent in pre-market trading on Friday.
This is a developing story
https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2fac7ab7-de04-44be-a441-63972da31812.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1
2025-01-03 13:13:00
