President Joe Biden announced Friday that he would block the sale of U.S. Steel to Japanese manufacturing giant Nippon Steel.
Biden said that he was making the move over concerns about national security and supply chains. Nippon had offered to buy U.S. Steel for $15 billion and said it would invest billions in the U.S. if the sale went through.
“It is my solemn responsibility as President to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this vital American company,” Biden said in a statement. “U.S. Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world.”
He said…
