Biden blocks U.S. Steel deal, but Nippon Steel signals legal fight

$14.9bn acquisition halted on national security grounds

Nippon Steel had committed to not reducing U.S. Steel's production capacity for 10 years and offered the U.S. government the right to veto any reduction that does take place. (Photo by Yuki Nakao)

KEN MORIYASU, Nikkei Asia diplomatic correspondent, and YUJI OHIRA, Nikkei staff writer

January 3, 2025 22:15 JST

Updated on January 4, 2025 06:11 JST

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.