President of the United States (US), Joe Biden, said, “I’m blocking the deal of Nippon Steel acquisition of U.S. Steel.”
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| US President, Joe Biden. Photo: @POTUS |
The US President said, experts determined that, the deal “would place one of America’s largest steel producers under foreign control and create risk for our security and supply chains.”
According to President Biden: “A committee of national security and trade experts determined that a Nippon Steel acquisition of U.S. Steel would place one of America’s largest steel producers under foreign control and create risk for our security and supply chains.
I’m blocking the deal.
“This action reflects my unflinching commitment to utilize 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.”
