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