"As I have said many times, steel production — and the steel workers who produce it — are the backbone of our nation," Biden said. "A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. ... Without domestic steel production and domestic steel workers, our nation is less strong and less secure."

U.S Steel and Nippon Steel said in response that they will “take all appropriate action  to protect our legal rights.”

“We are dismayed by President Biden’s decision to block Nippon Steel’s acquisition of U. S. Steel, which reflects a clear violation of due process and the law governing CFIUS," they said. Instead of abiding by the law, the process was manipulated to advance President Biden’s political agenda. The president’s statement and order do not present any credible evidence of a national security issue, making clear that this was a political decision.”

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