A water tower at the U.S. Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, on Sept. 4, 2024.
Justin Merriman | Bloomberg | Getty Images
President Joe Biden on Friday officially blocked U.S. Steel‘s $14.9 billion acquisition by Japan’s Nippon Steel, citing national security concerns.
Biden said the proposed acquisition by Nippon would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation’s critical supply chains.
“Today’s action reflects my unflinching commitment to utilize all authorities available to me as President to defend U.S. national security, including by ensuring that American companies continue to play a central role in sectors that are critical for our national security,” Biden said in a statement.
U.S. Steel’s stock dropped by nearly 8% in premarket trading Friday following the president’s announcement.
This is breaking news. Please refresh for updates.
