Biden set to block Nippon Steel's buyout of US Steel

Multiple US media outlets said President Joe Biden has decided to officially block Japan's Nippon Steel from purchasing US Steel.

The two steelmakers inked the acquisition deal in December 2023. Biden apparently concluded that the sale of U.S.

Steel to a foreign company will pose a national security risk through a potential reduction in steel production in the United States.

The Committee on Foreign Investment in the United States, an interagency national security panel, last month referred the final decision on the deal to Biden. He had said U.S.

Steel needs to be domestically owned and operated. Nippon Steel has declined to comment on the reports.