Biden blocks foreign takeover of U.S. Steel

Investing.com -- The U.S. President Joe Biden on Friday blocked Nippon Steel's bid for U.S. Steel in a move to protect national security and domestic supply chains.

This decision underscores the administration's stance on maintaining domestically owned steel industry, which is seen as a critical component of the country's infrastructure, automotive sector, and defense industrial base.

"As I have made clear since day one: I will never hesitate to act to protect the security of this nation and its infrastructure as well as the resilience of its supply chains," Biden said in a statement.

The administration has highlighted the challenges faced by U.S. steel companies, including unfair trade practices and the dumping of steel at artificially low prices by foreign entities, which have historically led to job losses and factory closures within the United States.

In response to these challenges, the President has previously increased tariffs on steel imports from China, a move aimed at leveling the playing field for American steelworkers and producers.

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Source: Investing.com