Biden Blocks US Steel Takeover By Japan's Nippon Steel: 'Will Remain A Proud American Company'

President Biden announced on Friday morning that he was blocking the proposed $14.9 billion takeover of U.S. Steel by Nippon Steel.

"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 said.

The president had criticized the deal for months. President-elect Donald Trump had also slammed the deal.

Biden said that U.S. steel companies have long faced unfair trade practices by foreign companies. He says they have dumped steel on global markets at artificially low prices, leading to job losses and factory closures in America.

Nippon Steel had described the takeover as a lifeline to Pennsylvania's steel industry.

Biden didn't buy that argument. He says more than 100 new steel and iron mills have opened in the U.S. during his administration and claimed the U.S. steel industry is the strongest it has been in years.

"We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America's national interests," Biden said. "As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America's largest steel producers under foreign control and create risk for our national security and our critical supply chains."

Biden said his move it to defend U.S. national security.

"A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains," Biden said.

"That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base. Without domestic steel production and domestic steel workers, our nation is less strong and less secure."