President Joe Biden stepped in on Friday to block the $14 billion sale of US Steel to Japan’s Nippon Steel, citing major national security risks and the need to safeguard America’s supply chains.
Biden, who had voiced opposition to the sale for some time, argued that the deal would place a cornerstone of the American steel industry under foreign control, posing threats to both national security and critical infrastructure. “It’s my duty as President to ensure that America maintains a strong, domestically owned steel industry, vital to our power both at home and abroad,” Biden stated.
The decision followed a deadlock in mid-December at the Committee on Foreign Investment in the United States (CFIUS), which couldn’t agree on whether the sale endangered national security, leaving Biden with 15 days to make his move.
Biden reaffirmed that US Steel would remain proudly American, with American workers and unions keeping it at the heart of the nation’s industrial strength. He emphasized that such a key player in the economy must stay in American hands, operated by local unions, and led by American workers.
In addition to Biden’s opposition, former President Donald Trump had also voiced concerns about the sale, further complicating the issue. The decision has yet to receive official responses from US Steel or the United Steelworkers union. However, it marks a clear stand on protecting the nation’s industrial sovereignty.
NEWS DESK
PRESS UPDATE