U.S. President Joe Biden officially blocked Nippon Steel's proposed $14.9 billion purchase of U.S. 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 U.S. government veto power over changes to output, but to no avail.
In a statement, Nippon and U.S. Steel blasted Biden's decision, calling it a "clear violation of due process" and a political move, and saying they would "take all appropriate action" to protect their legal rights.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.