(Washington D.C.) - President Joe Biden has rejected the proposed acquisition of U.S. Steel by a Japanese owned steelmaker.

 

In a statement this morning, Biden said it’s in the country’s interest that a major share of U.S. steelmaking is done by American owned companies.

 

Federal law gives the president the authority to block such transactions.

 

Nippon Steel of Japan had offered $15 billion to acquired Pittsburgh based U.S. Steel, which has a major steelmaking plant in Gary.

 

Biden vowed in March to block the proposed acquisition.

 

President-elect Donald Trump also promised in December on his Truth Social platform to block the deal and to use tax incentives and tariffs to grow the company.