Biden's ban on Nippon Steel's US Steel takeover creates waves

The decision of out-going US president Joe Biden last Friday ordering Japan's Nippon Steel and United States Steel Corp (US Steel) "to fully and permanently abandon" their acquisition plan citing US security grounds has exacerbated an already muddled situation, not just for the companies themselves but also for their governments.

What started out in December 2023 as a normal business announcement (albeit with a huge $14.9 billion price tag) by Japan's largest steelmaker, Nippon Steel, that it was aiming to buy US Steel, the largest steelmaker in the US, subsequently became entangled in US presidential election politics and is