President Joe Biden promised on Wednesday to block the acquisition of U.S. Steel by a Japanese competitor in remarks to a crowd in Pittsburgh, Pennsylvania, made up of unionized steelworkers.
The Japanese Nippon Steel Corporation, the fourth-largest steel producer, first announced that it would be acquiring U.S. Steel in December for around $14.9 billion after turning down other offers, including from American steel company Cleveland Cliffs. The president, in his remarks, emphasized the importance of the American steel industry and called out China for subsidizing their own steel producers.
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