President Biden's decision to block the acquisition of US Steel by Nippon Steel underscores a commitment to national security, emphasizing the need for essential industries to remain domestically controlled.
Citing risks to supply chains and national security, 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 United Steelworkers union's fierce opposition to the deal reflects a broader concern among workers and policymakers about the implications of foreign ownership of US industrial firms.
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