FridayOL

Biden Rejects Nippon Steel's Bid for U.S. Steel, Prioritizing Domestic Ownership

The Wall Street Journal

In a move to protect American industry, President Biden has blocked the sale of U.S. Steel to Japan's Nippon Steel, upholding his promise to maintain domestic ownership of the iconic steelmaker. This decision follows a review by the Committee on Foreign Investment in the United States, ensuring the nation's steel production remains in domestic hands. The steel industry is a critical component of the US economy, with key sectors like construction and manufacturing relying on domestic steel production. By prioritizing domestic ownership, Biden aims to safeguard American jobs and stimulate economic growth. This move also underscores the importance of national security and trade policies.