Biden has blocked a $15 billion steel deal with Nippon Steel.

"A robust domestic steel industry is a crucial priority for national security, essential for sustainable supply chains," stated Biden. "Without domestic steel production and American steelworkers, our country will be weaker and less secure."

The agreement was announced in December 2023. Shortly thereafter, it faced political opposition. Donald Trump and Joe Biden both pledged to block the acquisition of the renowned American company, marking the first time in history that a corporation was valued at over $1 billion.

To finalize the deal, Nippon paid a substantial amount and made several concessions, including granting the U.S. government veto power over production volume changes.

The Committee on Foreign Investment in the United States (CFIUS) spent several months reviewing the deal, considering potential national security risks, but in December, it forwarded the decision to Biden without reaching a consensus, notes Voice of America.

David McCall, president of the United Steelworkers union, praised Biden's decision, calling it "the right move."