US President Joe Biden blocked the $14.9 billion acquisition of US Steel by Japan's Nippon Steel, citing national security concerns. The decision drew criticism from both companies and raised questions about due process.
TOKYO — Japan's Industry Minister Yoji Muto described as 'incomprehensible' US President Joe Biden's decision to block the sale of US Steel to Japan's Nippon Steel . 'It is incomprehensible and regrettable that the Biden administration has made this kind of decision, citing national security concerns,' he said in a statement sent to AFP on Saturday.US Steel and Nippon Steel threatened legal action Friday after President Joe Biden blocked a controversial $14.
9 billion deal for the Japanese company to buy its American rival.Biden cited a strategic need to protect domestic industry — but the move drew sharp criticism from both companies.The decision came after a government panel failed to reach consensus last month on whether the acquisition threatened US national security, shifting the decision to the veteran Democrat in the waning days of his presidency.The move nevertheless enjoyed rare bipartisan agreement, with Republican President-elect Donald Trump and incoming vice president JD Vance also campaigning against the sale. '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. 'That is why I am taking action to block this deal.' The United Steelworkers union quickly welcomed the announcement. 'We're grateful for President Biden's willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers,' USW International President David McCall said. 'Political decision' Nippon Steel and US Steel expressed disappointment with the outcome, saying it 'reflects a clear violation of due process and the law'. 'The president's statement and order do not present any credible evidence of a national security issue, making clear that this was a political decision,' the companies said in a joint statemen
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