The deal where Japanese Nippon Steel would acquire US Steel for the equivalent of 165 billion Swedish kronor was announced already in December 2023. However, the news has sparked strong resistance from several quarters, primarily American trade unions, who have urged the president to stop the acquisition.
After a security panel referred the question to the president, a deadline of 15 days was set, where a decision from Biden was required to come at the latest next week.
In a written statement, Biden now says that "US Steel will remain a proud American company – a company that is American-owned, American-driven, by American union-affiliated steelworkers – the best in the world".
Biden also emphasizes that "the steel industry constitutes an important national security priority". On the New York Stock Exchange, today's news has significant implications, and US Steel falls sharply, with the stock down eight percent in trading.
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