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U.S. President Joe Biden has decided to block Nippon Steel’s $14.9 billion takeover bid for U.S. Steel, as reported by The Washington Post. The Committee on Foreign Investment in the United States (CFIUS) raised concerns about potential production cuts affecting national security. Despite Nippon Steel’s offers to address these worries, including maintaining U.S. Steel’s headquarters in Pittsburgh and allowing the U.S. government to veto production reductions, Biden opposed the deal, emphasizing the importance of U.S. Steel as an American company. The decision follows a 15-day review period after the CFIUS evaluation reached Biden’s desk.
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