(TheIndependentStar.com) – Citing national security concerns, Joe Biden has blocked Nippon Steel’s $14.9 billion acquisition of U.S. Steel.
This action seeks to safeguard jobs, preserve industrial autonomy and send a clear message: America’s steel industry will remain in American hands.
Biden’s decision to halt the Japanese takeover of U.S. Steel was based on defending American interests and national security.
The Democrat emphasized, “A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains.”
This move aligns with the concerns of Americans who have long warned about the dangers of foreign ownership in crucial sectors.
The United Steelworkers union strongly opposed the deal, fearing job losses at unionized mills.
The Committee on Foreign Investment in the United States (CFIUS) could not reach a consensus on the national security risks, so it left the final call to Biden.
Biden stated:
“It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad. And it is a fulfillment of that responsibility to block foreign ownership of this vital American company.”
Bides’s action surprisingly aligns with the America First agenda championed by conservatives.
It is worth noting that President-elect Donald Trump also opposed the sale, proposing tax incentives and tariffs to revive U.S. Steel.
This rare moment of bipartisan agreement underscores the critical importance of keeping our steel industry in American hands.
“U.S. Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world,” Biden added.
While some may argue that this decision could deter foreign investment, others assert that the benefits of protecting national security and the industrial base far outweigh the downsides.
Now, U.S. Steel, a company with a proud 120-year history, will continue to serve American interests first, not those of foreign shareholders.
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