President Biden emphasized that blocking the $14.9 billion acquisition of US Steel by Nippon Steel was essential to safeguarding national security and critical supply chains.
In his statement, Biden remarked, "Steel production and the steel workers who produce it are the backbone of our nation," underscoring the strategic importance of a domestically owned steel industry.
The Committee on Foreign Investment in the US could not reach a consensus on the deal's national security risks, which ultimately led Biden to take decisive action to block the sale.
Biden's intervention aims to maintain a competitive edge for US steelmaking capacity, as the nation faces critical reliance on its own resources for security and economic stability.
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