Biden Blocks Foreign Takeover of U.S. Steel

Investing.com -- U.S. President Joe Biden blocked Nippon Steel's bid for U.S. Steel on Friday in order to protect national security and domestic supply chains. This decision highlights the administration's stance on safeguarding the domestic steel industry, viewed as a critical component of the nation's infrastructure, automotive sector, and defense industry base.

Biden stated, "As I have made clear from day one: I will never hesitate to act to protect this nation's security and infrastructure as well as the resilience of our supply chains." The administration emphasized the challenges faced by U.S. steel companies, which include unfair trade practices and price dumping of steel by foreign entities. Historically, these practices have led to job losses and factory closures within the U.S.

In response to these challenges, the President had previously increased tariffs on steel imports from China. This move aimed to create a level playing field for American steelworkers and manufacturers.