Joe Biden announces blocking the takeover of US Steel by the Japanese Nippon Steel, a transaction worth 15 billion dollars – Libération

A protectionist decision worth 15 billion. US President Joe Biden has decided to block the proposed takeover of the American company US Steel by the Japanese Nippon Steel, reported le Washington Post Thursday evening, relying on two anonymous government sources. The White House announced Biden’s choice this Friday, January 3.

The Democratic president blocked the deal despite efforts in recent days by some of his top advisers, who warned that rejecting a major investment from a major Japanese company could harm relations between Washington and Washington. and Tokyo, written le Washington Post THURSDAY. The White House did not immediately comment on this information and Nippon Steel did not wish to comment to AFP.

A federal panel responsible for assessing the consequences of the possible takeover on the national security of the United States refused to rule at the end of December, referring the question to the outgoing American president, who had fifteen days to decide. Joe Biden, like the Republican president-elect, Donald Trump, have already repeatedly expressed their opposition to this marriage announced in December 2023. The outgoing president believes that the steel industry is of a strategic nature for the United States , which are the world’s largest importer of steel.

The operation found itself at the heart of the 2024 US presidential campaign, when Pennsylvania emerged as a key state in the race for the White House and the metalworkers union United Steelworkers (USS) vigorously opposed to the merger. For its part, Nippon Steel described the transaction as a lifeline for the state’s much-weakened steel industry.

Even before the decision was made, the Japanese steel giant and US Steel had promised to challenge a possible blocking of their merger in court.

Updated at 2:11 p.m. with the announcement of the blockage.