The Washington Post is reporting that U.S. President Joe Biden has decided to block Nippon Steel's US$15 billion acquisition of U.S. Steel, which would have made the Japanese company the world's third-largest steelmaker. President-elect Donald Trump had also said he would veto the deal after he takes office this month.
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00:00U.S. President Joe Biden has decided to block Nippon Steel's takeover of U.S. Steel.
00:07That's according to the Washington Post.
00:09The $15 billion U.S. dollar deal would have made the Japanese company the world's third
00:14largest steelmaker.
00:16The merger was opposed by labor unions and Biden has said that he wants U.S. Steel to
00:21be domestically owned and run.
00:24President-elect Donald Trump had also said he would block the deal after he takes office
00:29this month.