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Nippon Steel and US Steel sue Biden administration over blocked $15 billion deal
Credit: IndiaTimes- Published on January 6, 2025
Nippon Steel and US Steel have sued the Biden administration for blocking their $15 billion merger, claiming the decision was politically motivated and violated their rights. President Biden cited national security concerns as the reason for the block, emphasizing the importance of a strong domestic steel industry.
Video credit: Rumble
Published on January 9, 2025 -
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In a significant move announced today, President Joe Biden has formally blocked Japan's Nippon Steel from acquiring US Steel in a deal valued at $15 billion. The transaction, initially proposed in December 2023, faced stringent scrutiny over potential national security risks, with the President emphasizing the need to safeguard American industries that are critical to the nation's strategic interests.
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