WASHINGTON — U.S. President Joe Biden on Friday blocked Nippon Steel’s $14.9 billion bid for U.S. Steel, marking the first time that a president has issued an order to halt a Japanese company’s acquisition of a U.S. company.
“This acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” Biden said in a statement, calling U.S. Steel a “vital American company.”
