President Biden cited national security concerns in blocking the $14.9 billion deal for US Steel, emphasizing the need for US control over critical steel production.
Biden stated, "This acquisition would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains."
The deal was opposed by the United Steelworkers union and various politicians, highlighting significant domestic opposition to foreign acquisitions in strategic industries.
The failure of CFIUS to reach a consensus on national security risks marked a crucial point, leading to Biden's decisive action against the deal.
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