United states of America _ President Joe Biden has officially blocked a $15 billion takeover bid of U.S. Steel by Japan’s Nippon Steel, citing national security concerns and emphasizing the importance of maintaining domestic control over critical industries .
The decision has sparked significant pushback from both companies, with U.S. Steel warning of potential layoffs and financial consequences. Nippon Steel expressed disappointment, stating that the acquisition would have bolstered U.S. steel production and innovation. The move is likely to intensify debates over foreign investment in U.S. industries, with critics arguing that the administration is prioritizing protectionism over economic growth.
According to officials, the deal raised concerns about foreign ownership of key American steel production facilities, especially amid growing geopolitical tensions and increasing global demand for steel in defense-related manufacturing.
By Taiwo olatinwo/January 4, 2025
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