The almost $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel has been rejected by President Joe Biden.
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| US President, Joe Biden. Photo: @POTUS |
The decision affirms his vow in March to block the acquisition.
Via a statement on Friday morning, Biden said: “We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests.”
The US President’s decision is coming after the Committee on Foreign Investment in the United States, known as CFIUS, could not reach consensus on the possible national security risks of the deal last month, and sent a report on the merger to Biden who had fifteen (15) days to make a final decision.
The decision which is coming some days before the Democratic president is set to leave office, has the potential to adversely affect the relations between the US and Japan.
Japan remains America’s biggest ally in Asia.
