President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA’s most storied steel company.
Biden blocks $14 billion acquisition of US Steel by Japan’s Nippon Steel
The action also reverses former President Joe Biden’s decision to block the transaction just weeks before leaving office in January.
President Donald Trump on Friday said he had approved a deal for Nippon Steel to buy U.S. Steel, reversing a position he took during the presidential campaign after the Japanese manufacturer agreed to pour more investment into the United States.