Washington, Jan. 3 -- US President Joe Biden issued an order on Friday prohibiting a $14.9 billion sale of America's leading steel producer, US Steel Corporation, to Japan's Nippon Steel Corporation (NSC).
"I am taking action to block this deal," Biden said in a statement.
He pointed out that the US needs its major companies to represent a significant share of its steelmaking capacity in order to continue leading the fight on behalf of America's national interests.
The two companies announced earlier that they have entered into a definitive agreement. Pursuant to this agreement, NSC will acquire US Steel in an all-cash transaction at $55.00 per share. This represents an equity value of approximately $14.1 billion plus the assumption of d...