News brief

Biden blocks Nippon-U.S. Steel deal. President Joe Biden on Jan. 3 rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel. In a statement, Mr. Biden said, “We need major U.S. companies representing the major share of U.S. steelmaking capacity to keep leading the fight on behalf of America’s national interests.” Mr. Biden previously came out against the deal last March, and was backed by the United Steelworkers, concerned over whether the company would honor existing labor agreements or slash jobs.

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