Biden blocks Japan's $14 billion takeover of US Steel on national security grounds

Core Viewpoint - President Joe Biden has blocked a $14 billion takeover of US Steel by Nippon Steel, citing national security concerns and the need to maintain a strong domestic steel industry [1][2][4]. Group 1: Takeover Details - The proposed takeover by Nippon Steel was valued at $14 billion [1]. - If the deal collapses, Nippon Steel would incur a penalty of $565 million to US Steel [3]. Group 2: National Security Concerns - A committee of national security and trade experts determined that the takeover would place one of America's largest steel producers under foreign control, posing risks to national security and critical supply chains [2][4]. - Biden emphasized the importance of a domestically owned and operated steel industry for national strength [2]. Group 3: Political Reactions - President-elect Trump previously expressed strong opposition to the Nippon Steel deal, stating he was "totally against" it [3][4]. - The decision to block the takeover was anticipated, as reports indicated Biden's intention to veto the deal on national security grounds [2].