Nippon Steel, the company President Joe Biden reportedly blocked from buying United States Steel Friday, said it was 'dismayed' by a decision that 'sacrificed the future of American steelworkers.'In a joint statement with U.S. Steel, the Japanese company accused Biden of breaking the law to serve his own political agenda just a few weeks before leaving the White House. Biden said he was protecting national security and keeping the company in American hands.
Newsweek reached out to the White House via email for comment.Why It MattersBiden's decision, first reported by The Washington Post, effectively handed President-elect Donald Trump a political gift after the Republican also spoke out against the potential takeover, saying he was 'totally against' it in December.The $14.9 billion deal, backed by shareholders, was questioned by the Committee on Foreign Investment in the U.S. (CFIUS), which said the takeover could pose a national security threat with such a historic brand being run by a foreign entity.What To KnowNippon Steel's statement first attacked Biden for his role in the decision before saying that the transaction would revitalize communities built around the steel industry.'Nippon Steel is the only partner both willing and able to make the necessary investments to protect and grow U.S. Steel as an iconic American company for the benefit of the communities in which it operates and the entire American steel industry,' the statement read.'In short, we believe that President Biden has sacrificed the future of American steelworkers for his own political agenda.'Nippon has planned $2.7 billion in investments, including at least $1 billion in improvements to the Mon Valley Works and approximately $300 million earmarked for the Gary Works.The company said it would explore all legal routes to keep the deal standing, touting its compliance with the CFIUS review while claiming the process had been 'corrupted by politics
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