Biden Disallows Japan Steel To Acquire US Steel..."It poses a national security risk."

U.S. President Joe Biden has denied Japan Steel's acquisition of U.S. Steel.

"US Steel will remain the world's proudest U.S. company owned by Americans and run by American steel workers," President Biden said in a statement on the 3rd local time, announcing his decision not to sell it.

"This acquisition puts one of the largest steel producers in the United States under foreign control and poses a risk to national security and supply chains," he continued.

Earlier, Japan Steel announced in December 2023 that it would buy US Steel, which has been considered a symbol of U.S. industrialization, for $14.1 billion and 18.3 trillion won in Korean money.

In the same month, Japan Steel and US Steel asked the Foreign Investment Review Committee under the U.S. Treasury Department for deliberation.