President Joe Biden has stopped Japan’s Nippon Steel Corporation from buying the United States Steel Corporation — a victory for President-elect Donald Trump who had vowed to take the action himself if President Biden had not.
On Friday, Biden announced he would use the Defense Production Act of 1950 to block Nippon Steel from acquiring U.S. Steel:
There is credible evidence that leads me to believe that (1) Nippon Steel Corporation, a corporation organized under the laws of Japan (Nippon Steel) … might take action that threatens to impair the national security of the United States; [Emphasis added]
As Breitbart News reported in 2023, U.S. Steel and Nippon Steel Corporation executives sought a nearly $15 billion deal that would have seen the iconic American steel giant — vital
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