The Biden administration blocked Nippon Steel’s $15 billion acquisition of U.S. Steel Friday.
A national security review referred the decision to the president in December after failing to reach a consensus, with the president opting to keep U.S. Steel domestically owned, according to a White House press release.
“As I have said many times, steel production — and the steel workers who produce it — are the backbone of our nation,” President Joe Biden said in the release. “A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base. Without domestic steel production and domestic steel workers, our nation is less strong and less secure.”
A student does steel work at Ironworkers Local 29 during an apprenticeship in Dayton, Ohio, on October Ohio, 24, 2022. (Photo by MEGAN JELINGER/AFP via Getty Images)
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