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WASHINGTON –
President Joe Biden has blocked the nearly US$15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA’s most storied steel company.
The proposed deal kicked up an election year political maelstrom across America’s industrial heartland and blocking it drew a threat of litigation from Nippon Steel.
“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a Friday morning statement.
Nippon Steel and U.S. Steel blasted the decision, saying in a joint statement that Biden’s blocking the deal “reflects a clear violation of due process and the law” in a process it said was “manipulated” to …
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