WASHINGTON—US President Joe Biden has decided to block the proposed $14.9 billion purchase of US Steel by Japan’s Nippon Steel and will announce the move
This photo shows signage on the exterior of a blast furnace building during a media tour by Japanese company Nippon Steel at their East Nippon Works Kashima Area facility in Kashima, Ibaraki prefecture, north of Tokyo on Dec. 6, 2024. US President Joe Biden decided to block the proposed $14.9-billion purchase of US Steel by Japan’s Nippon Steel, according to two anonymous administration officials. AFP as soon as Friday, according to US media.
There was no immediate comment on the reports from the White House late Thursday evening and Nippon Steel declined to comment when contacted by AFP. The controversial transaction was referred to Biden, who was legally required to act within a 15-day deadline, after the deadlock by the Committee on Foreign Investment in the United States .
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