U.S. President Joe Biden said Friday that he has decided to block the $14.1 billion takeover of United States Steel Corp. by Nippon Steel Corp., citing risks to national security, a move that will force the Japanese firm to overhaul its global strategy.
Nippon Steel and U.S. Steel immediately condemned Biden’s decision and hinted at a potential legal battle against Washington, as scrapping the international buyout project would affect the reorganization of the global steel industry.
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