The Biden administration on Friday blocked Nippon Steel’s $15 billion acquisition of U.S. Steel.
The National Security Review referred the decision to the President in December. We’re screwed To reach an agreement in which the President chooses to maintain domestic ownership of U.S. Steel, According to Go to the White House press release.
“As we have said many times, steel production and the steel workers who produce it are the backbone of our country,” President Joe Biden said in a statement. “A strong, domestically owned and operated steel industry is a key national security priority and critical to a resilient supply chain. Steel supports our nation’s infrastructure, automotive industry and defense industrial base. Without domestic steel production and domestic steel workers, our country is less powerful and less secure.”
A student works steel with Apprentice Ironworkers Local 29 in Dayton, Ohio, on October 24, 2022. (Photo by MEGAN JELINGER/AFP, Getty Images)
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