Biden Blocks Nippon Steel's U.S. Steel Acquisition

January 6, 2025--Researched by Industrial Info Resources (Sugar Land, Texas)--In a move that could affect the strategic and growth investment designed to support United States Steel Corporation (NYSE:X) (U.S. Steel) (Pittsburgh, Pennsylvania), U.S. President Joe Biden said Friday he is blocking Japan-based Nippon Steel Corporation's (Tokyo) $15 billion takeover of U.S. Steel to promote a domestically owned and operated steel industry and protect national security.

Joe Govreau, Industrial Info's vice president of research for Metals & Minerals, said the deal would have been good for U.S. Steel and the market in general. "On top of the $15 billion acquisition price, Nippon committed an additional $1.5 billion to modernize some of the older U.S. Steel assets and technology."