WASHINGTON/TOKYO -- U.S. President Joe Biden on Friday blocked Nippon Steel's $14.9 billion bid for U.S. Steel, marking the first time that a president has issued an order to halt a Japanese company's acquisition of an American peer.
"This acquisition 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, calling U.S. Steel a "vital American company."
