President Joe Biden on Friday announced a decision to block the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, saying domestically produced steel is essential to U.S. national security.

"Without domestic steel production and domestic steel workers, our nation is less strong and less secure," Biden said in a statement.

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Domestic steel production is essential to U.S. security, Biden said.{ai:summary}President Biden has blocked the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing the importance of domestic steel production to national security. He emphasized that a strong domestic steel industry is vital for the nation's strength and security. #economy

Biden blocks US Steel takeover by Japan-based Nippon

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