08:15 AM EST, 01/03/2025 (MT Newswires) -- United States Steel's ( X ) proposed takeover by Nippon Steel was blocked by President Joe Biden Friday.

Biden said the proposed deal, which would put US Steel under foreign control, would create risk for national security and critical supply chains.

"It is my solemn responsibility as President to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this vital American company," Biden said in a statement.

US Steel and Nippon Steel did not immediately reply to requests for comment from MT Newswires.