January 3rd 2025.
Washington: President Joe Biden has made a significant decision to reject the proposed deal of Nippon Steel of Japan acquiring US Steel for a whopping $15 billion. This follows his previous statement in March where he promised to put a stop to this acquisition.
In a statement released on Friday morning, Biden emphasized the importance of having major US companies at the forefront of the steelmaking industry in order to defend the interests of the nation. He believes that these companies play a crucial role in the fight for America's national interests.
The President's decision comes after the Committee on Foreign Investment in the United States was unable to come to a unanimous decision regarding the potential national security risks posed by the deal. Last month, they submitted a thorough report on the merger to Biden, giving him a 15-day window to make a final call.
The fate of this deal now rests in the hands of President Biden, who has chosen to prioritize the national interests of the country over a significant foreign investment. This move is a clear indication of his administration's commitment to protecting the nation's economy and security.
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