Biden blocks Nippon Steel's $14.9bn bid for US Steel

(Sharecast News) - US President Joe Biden has intervened in the final weeks of his administration and blocked Japan Nippon Steel's $14.9bn bid for US Steel, citing national security concerns. In a statement, Biden added that "US Steel will remain a proud American company - one that's American-owned, American-operated, by American union steelworkers - the best in the world".

US Steel has warned that it needs the $3bn investment pledged by its Japanese rival or it may have to power down some of its major mills.



Biden's decision follows a national security review into the deal, led by the Committee on Foreign Investment in the United States.

"We need major US companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America's national interests," Biden said.

Reporting by Frank Prenesti for Sharecast.com