US Steel takeover blocked by Biden

US President Joe Biden has vetoed Nippon Steel's $14.9 billion takeover bid for US Steel, citing national security concerns. The deal, which had been approved by the second-largest US steelmaker, would have provided a critical lifeline of capital for the beleaguered American icon. However, the Committee on Foreign Investment in the United States failed to reach consensus on the possible national security risks of the deal. Biden's decision comes after he previously vowed to block the acquisition in March, and shares in US Steel dropped 7% in New York.