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From the New York Post: President Joe Biden on Friday moved to block the multi-billion-dollar sale of US Steel to Japan’s Nippon Steel, citing national security concerns.
The Committee on Foreign Investment in the US has been reviewing the $14.1 billion deal on whether it poses security risks for months. On Dec. 23, CFIUS said it was at a standstill, leaving the issue up to Biden.
The president’s decision is a major use of executive power on a heavily-politicized election year issue. His announcement comes with just over two weeks left in his term. President-elect Donald Trump had vowed to crush the deal when he returns to office for his second term.
A statement on Biden’s X account reads:
A committee of national security and trade experts determined that a Nippon Steel acquisition of U.S. Steel would place one of America’s largest steel producers under foreign control and create risk for our security and supply chains.
I’m blocking the deal.
This action reflects my unflinching commitment to utilize authorities available to me as President to defend U.S. national security, including by ensuring that American companies continue to play a central role in sectors that are critical for our national security.
This action reflects my unflinching commitment to utilize authorities available to me as President to defend U.S. national security, including by ensuring that American companies continue to play a central role in sectors that are critical for our national security.
— President Biden (@POTUS) January 3, 2025
Trump has repeatedly called for the sale to be blocked.
PRESIDENT TRUMP WILL KEEP U.S. STEEL IN AMERICA. pic.twitter.com/vb9LSDvV8D
— Trump War Room (@TrumpWarRoom) September 24, 2024
🚨 JUST IN: President Trump says he will
BLOCK the sale of U.S. Steel to a Japanese company soon after he’s sworn in.AMERICA FIRST! 🇺🇸 pic.twitter.com/w3sbdy1Hba
— Nick Sortor (@nicksortor) December 3, 2024
Biden officials are only doing this at the last minute because they do not want Trump to get the credit for doing it. https://t.co/jnHEe5TWaA pic.twitter.com/a92gf0BEKY
— Ryan Saavedra (@RealSaavedra) January 3, 2025
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