President Biden has blocked the proposed $14 billion acquisition of U.S. Steel by Nippon Steel. Biden cited the importance of a strong domestically owned and operated steel industry for national security and resilient supply chains. He argued that steel is crucial for infrastructure, the auto industry, and the defense industrial base. The Biden-Harris administration's Justice Department investigated the deal on antitrust grounds, while the Committee on Foreign Investment in the U.S.
(CFIUS) examined its national security implications. U.S. Steel CEO David Burritt had warned that if the acquisition fell through, the company might close mills in Pennsylvania and Indiana that were slated for upgrades with Nippon Steel's investment. Nippon Steel had pledged $2.7 billion for modernization projects at U.S. Steel's Mon Valley Works and Gary Works, aiming to make them more competitive. They also promised to preserve U.S. Steel's name, brand, headquarters, and avoid layoffs through 2026
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