(Update 3) Biden Blocks Sale of U.S. Steel to Nippon Steel

   Washington, Jan. 3 (Jiji Press)--U.S. President Joe Biden on Friday blocked the proposed 14-billion-dollar sale of United States Steel Corp. to Japan's Nippon Steel Corp, citing a national security risk.
   The deal "would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains," Biden said in a statement.
   "U.S. Steel will remain a proud American company--one that's American-owned, American-operated, by American union steelworkers--the best in the world," he said.
   Biden ordered Nippon Steel and U.S. Steel to "fully and permanently abandon" the transaction no later than 30 days.
   It is unusual for the U.S. government to block an acquisition of a domestic firm by a company from an ally because of security concerns. The decision by Biden is likely to affect not only Japan-U.S. relations but also Japanese companies' operations in the United States.

(2025/01/04-01:27)

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