Biden Blocks Nippon Steel’s $14.1 Billion Takeover of US Steel

President Joe Biden has blocked the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp., killing a high-profile deal that sparked a political firestorm and tensions between the US and Japan.

Biden announced his formal decision on Friday after the case was referred to him by a US security review panel, ahead of a deadline early next week.

“We need major US companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a written statement, adding that the deal “would place one of ...