Biden blocks Nippon Steel buyout of US Steel | NHK WORLD-JAPAN News

US President Joe Biden has issued an order to block Nippon Steel’s planned buyout of US Steel.

In a statement released on Friday, he says there is credible evidence to believe the Japanese firm “might take action that threatens to impair the national security of the United States.”

Biden also says Nippon Steel and US steel should “take all steps necessary to fully and permanently abandon the Proposed Transaction no later than 30 days after the date of this order.”

The deal was first announced in December 2023.

The Committee on Foreign Investment in the United States was unable to decide whether the buyout should go ahead by the December 23 deadline, and deferred to Biden.