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US President Joe Biden has blocked Japan’s Nippon Steel’s $15bn deal to buy US Steel, putting a strain on Washington’s relationship with its closest Asia-Pacific ally.
Biden, who has long opposed the purchase, issued an order on Friday forcing Nippon Steel and US Steel to “completely and permanently abandon the proposed sale” within 30 days.
His move comes just 17 days before he hands over the presidency to Donald Trump, who also opposes the deal.
In that order, Biden said there was “credible evidence” that through the purchase, Nippon Steel “could take action that threatens to harm the national security of the United States”.
The announcement comes after the US’s Foreign Investment Committee failed to reach an agreement by a December 23 deadline on whether the purchase poses a national threat.
US Steel shares were down nearly 8 percent in premarket trading on Friday.
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