Biden Blocks USD 15 Billion US Steel Acquisition by Nippon Steel

President Joe Biden has halted the USD 15 billion acquisition of US Steel by Japan’s Nippon Steel. This decision follows a lack of consensus by the Committee on Foreign Investment regarding national security risks. US Steel, a historic American firm, is aiming for net-zero carbon emissions by 2050.

President Joe Biden has blocked the proposed USD 15 billion acquisition of US Steel by Japan's Nippon Steel, a move initially pledged in March. This follows the Committee on Foreign Investment in the United States' indecision on whether the deal posed national security threats.

Founded in the late 19th century, US Steel has played a significant role in America's rise, providing materials for bridges, skyscrapers, and war apparatus. Once the largest corporation globally, it is now focused on technological advancement and sustainability, targeting net-zero carbon emissions by 2050.

The US steel industry is facing challenges, including increased competition and cheaper imports. In 2023, Cleveland-Cliffs offered over USD 7 billion to acquire US Steel, but the company chose a different path and accepted an offer from Nippon Steel, which was subsequently denied by the Biden administration.

(With inputs from agencies.)