A US Steel plant in Braddock, Pennsylvania.
Gene J. Puskar/AP Photo
- President Joe Biden blocked the $14 billion takeover of US Steel by a Japanese rival.
- The deal would create "risk for our national security and our critical supply chains," the president said.
- President-elect Trump had also expressed opposition to the Nippon Steel deal.
Shares in US Steel fell about 8% in premarket trading on Friday after President Joe Biden blocked a $14 billion takeover by Nippon Steel.