Biden blocks takeover of US Steel by Japanese giant

WASHINGTON: President Joe Biden blocked Nippon Steel’s proposed $14.9 billion purchase of US Steel on Friday, citing national security concerns, dealing a potentially fatal blow to the contentious plan after a year of review.

Nippon paid a hefty premium to clinch the deal and made several concessions, including a last-ditch gambit to give the US government veto power over changes to output, but to no avail. In a statement, Nippon and US Steel blasted Biden’s decision, calling it a “clear...