US President Joe Biden is set to block an almost $15 billion takeover of US Steel by Japan's Nippon Steel. The transaction has been extremely controversial for months and even played into the recent elections.
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00:00It's business as usual at Nippon Steel's plant in Kimitsu, just across the bay from Tokyo.
00:06But just like the giant steel slabs forged in these ovens, the debate over the company's takeover of a US competitor was heated.
00:14For $14.9 billion, Nippon wanted to buy the Pennsylvania-based US Steel, suggesting the transaction was a lifeline for the struggling US industry.
00:25Leading up to a decision, the Japanese side was optimistic.
00:30I believe if President Biden recognizes the fundamental value of the buyout, it will be approved.
00:40The acquisition will protect US steel workers' jobs and help strengthen the American steel and manufacturing industries.
00:49It will ultimately bolster US national security.
00:59Nippon Steel is the world's fourth largest steel producer after Luxembourg-based ArcelorMittal and China's Ba'u and Anstiel Groups.
01:07Latest numbers show Nippon's annual output at 44 million tons, three times as much as that of US Steel.
01:16Given the diminished role of US Steel on world markets, both President Joe Biden and then-presidential candidate Donald Trump had voiced concerns over a takeover and vowed to stop it.
01:28The final decision was now left with Biden after a US government panel failed to reach a consensus in late December, forcing the White House's hand.
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