Biden Blocks Nippon Steel's U.S. Steel Purchase Amid Controversy

President Joe Biden has blocked Nippon Steel's proposed acquisition of U.S. Steel, raising concerns over U.S.-Japan relations. Despite advice from some senior advisers to approve the transaction, Biden's decision was influenced by national security considerations. The White House and Nippon Steel refrained from commenting on the move.

In a move likely to stir international tensions, President Joe Biden has blocked Nippon Steel's acquisition of U.S. Steel. The Washington Post reported the decision, citing unnamed administration officials. Concerned that the deal might damage U.S.-Japan relations, Biden acted contrary to some senior advisers.

The decision, previously referred to the President by the Committee on Foreign Investment in the United States (CFIUS), reflects Biden's focus on national security. The timing of this decision is critical, as Biden prepares to leave office on Jan. 20. A White House spokesperson anticipates an official announcement soon.

Nippon Steel and U.S. Steel remained tight-lipped about the outcome. Notably, U.S. Steel's previous statement urged Biden to approve the acquisition, underscoring its potential to enhance U.S. economic and national security. The decision's implications could echo in diplomatic circles and the steel industry.

(With inputs from agencies.)