Biden to Block Nippon Steel's Takeover of U.S. Steel on National Security Grounds

President Biden is set to stop Nippon Steel's $15 billion acquisition of U.S. Steel over national security concerns. The deal is under review by a security panel, and Biden will make a formal decision soon. Despite opposition, Nippon promises to maintain U.S. production and jobs.

President Joe Biden plans to block Nippon Steel's acquisition of U.S. Steel, citing national security concerns, according to Bloomberg News. The deal, worth $15 billion, will officially be addressed by Biden later this month after review by a national security panel.

The Committee on Foreign Investment in the United States (CFIUS) must present its decision to President Biden by December 22 or 23. White House spokesperson Karine Jean-Pierre declined to comment on Biden's intentions.

Nippon Steel has faced opposition, including from the United Steelworkers Union, but continues to push forward by assuring no production capacity or jobs will be moved outside the U.S., should the merger succeed.

(With inputs from agencies.)