By David Shepardson, Tim Kelly, Andrea Shalal WASHINGTON/TOKYO (Reuters) -U.S. President Joe Biden blocked Nippon Steel's proposed $14.9 billion purchase of U.S. Steel on Friday, citing national security concerns,
U.S. President Joe Biden's decision to block Nippon Steel's $14.9 billion bid for U.S. Steel casts a shadow over Secretary of State Antony Blinken's visit to Japan on Tuesday for farewell meetings with Washington's most important ally in Asia.
Nippon Steel and U.S. Steel are filing a federal lawsuit challenging the Biden administration’s decision to block a proposed nearly $15 billion deal for Nippon to acquire Pittsburgh-based U.S. Steel
US Secretary of State Antony Blinken insisted during a visit to Tokyo on Tuesday that ties with Japan were stronger than ever, days after President Joe Biden blocked Nippon Steel's takeover of US Steel.
The Japanese firm’s planned purchase of its U.S. rival was blocked last week by President Joe Biden after a year of diplomatic tension, political debate and lobbying efforts from the companies and unions. Biden, who had previously said he opposed the tie-up, cited national-security risks, despite Japan being a close ally.
The president said he was moving to protect national security in deciding the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year.
The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."
President Joe Biden has officially blocked the $14.9 billion takeover of U.S. Steel by Japan's Nippon Steel. Biden said the proposed deal would place one of the largest steel producers in the U.S. under foreign control,
U.S. Steel and Japan’s Nippon Steel sued the United States government on Monday in a last-ditch attempt to revive their attempted merger after President Biden blocked it last week on the basis that the transaction posed a threat to national security.
The usually reticent ally is making it clear that it will not go quietly in its fight to overturn President Biden’s decision to block Nippon Steel’s $14.1 billion takeover bid of U.S. Steel, with Prime Minister Shigeru Ishiba warning this week that the rejection could have real consequences for the bilateral relationship,
President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel.