President Joe Biden blocked the $14.9 billion takeover of US Steel by Japan’s Nippon Steel, citing national security concerns and the importance of maintaining a strong, domestically owned steel industry.

The decision follows opposition from the United Steelworkers union and political pressures ahead of the 2024 election.

Both companies criticized the move, claiming it was politically motivated and could deter foreign investment in the US.

Japanese officials expressed disappointment, and analysts speculated that the deal might be revisited under a future administration, the BBC has reported.

Biden emphasized the need for a secure and resilient domestic steel industry for national defense.

Written by B.C. Begley