President Biden announced that he's blocking the planned acquisition of the iconic steelmaker by a Japanese rival.
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President Biden interpreted US Steel’s name literally yesterday, blocking a planned $15 billion acquisition of the iconic Pennsylvania steelmaker by Japan’s Nippon Steel.
Biden said keeping the steel supplier American-owned was a national security necessity, though many officials tasked with examining the issue reportedly disagreed.
The two steelmakers derided Biden’s decision as politically motivated and said it sends a “chilling message” to investors from allied nations. But the United Steelworkers union—which opposed the takeover, claiming that Nippon would cut US Steel’s union jobs—welcomed the move.
Many prominent commentators viewed Biden’s pre-election opposition to the acquisition (a stance shared by President-elect Donald Trump) as pandering to a key swing state constituency and a public that might balk at foreign ownership of a company that undergirded America’s 20th century industrial prowess. But in 2025, US Steel is a shell of its formerly glorious self:
Looking ahead…Nippon and US Steel suggested that they might challenge the decision in court.—SK
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