President Joe Biden on Friday announced his decision to block the $14 billion sale of U.S. Steel to Japan’s Nippon Steel, citing national security concerns. The move could have serious implications in Gary,

President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel.

The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."

Shares of U.S. Steel sank Friday as President Joe Biden blocked the $14.1 billion sale of the iconic American company to Japan's Nippon Steel.

The post Blocking the U.S. Steel Sale Is a Perfectly Disgraceful End to Biden's Political Career appeared first on Reason.com.

In a joint statement with U.S. Steel, the Japanese company accused Biden of breaking the law to serve his own political agenda just a few weeks before leaving the White House. Biden said he was protecting national security and keeping the company in American hands. Newsweek reached out to the White House via email for comment.

On Friday, President Joe Biden moved to block the long awaited $14.9 billion sale of United States Steel Corp. to Nippon Steel Corp., thus ending a saga that lasted more than a year.

By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead.

In blocking the sale to Nippon Steel, Biden said U.S. Steel "will remain a proud American company – one that’s American-owned and American-operated."

U.S. Steel employs thousands across its plants and offices in Pennsylvania and the state has about 10% of the nation’s steelworkers.

The proposal by Japan’s Nippon Steel company to buy the venerable 124-year-old steel company based in Pittsburgh had been on the table for some time.