President Biden Takes a Stand Against Foreign Control of US Steel

In a decisive move to protect national security and critical supply chains, President Joe Biden has officially blocked the proposed $14.9 billion acquisition of US Steel Corporation by Japan's Nippon Steel Corporation. This decision comes after thorough review by a committee of national security and trade experts within the executive branch, who identified potential risks associated with the deal.

"This acquisition would place one of America’s largest steel producers under foreign control, posing significant risks to our national security and critical supply chains," stated President Biden. He emphasized the importance of US Steel remaining a proud American company, integral to the nation's security and economic stability.

By taking this action, President Biden reaffirms his commitment to safeguarding American industries and ensuring that key sectors remain under domestic control. US Steel plays a pivotal role in the steel industry, which is crucial for the country's infrastructure and defense capabilities.