Following President Joe Biden’s blocking of a contentious $14.9 billion agreement for the Japanese corporation to acquire its American rival, US Steel and Nippon Steel threatened legal action on Friday.
Both businesses strongly criticized Biden’s decision, which he justified by pointing to a strategic imperative to safeguard home industry.
The decision was made by the seasoned Democrat in the final days of his administration after a government panel failed to agree last month on whether the acquisition posed a threat to US national security.
Despite the rare bipartisan agreement, the deal was opposed by both Republican President-elect Donald Trump and incoming Vice President JD Vance.
“This acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” Biden said in a statement.
“That is why I am taking action to block this deal.”
The United Steelworkers union quickly welcomed the announcement.“We’re grateful for President Biden’s willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers,” USW International President David McCall said.
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