Biden to Nippon Steel: No Soup for You!

President Joe Biden has officially nixed Nippon Steel's $14.9 billion bid for U.S. Steel, citing national security concerns. Because, apparently, handing over one of America’s biggest steel producers to a foreign company feels a bit dicey when you’re trying to keep the nation’s bridges and tanks intact.

Biden’s statement read like the greatest hits of presidential steel rhetoric: “backbone of our nation,” “critical supply chains,” and the obligatory “American-owned, American-operated, by American union steelworkers.” The guy practically threw in an apple pie and a baseball game for good measure.

U.S. Steel shareholders, who were probably already planning their escape to sunnier economic climates, watched the stock drop almost 8% in premarket trading. That’s a lot of melted dreams for a company whose board was probably eyeing a slick payday from the Nippon deal.

Of course, Biden didn’t stop there. He reminded us all of his war on unfair trade practices and his love for tariffs (so hot right now) tripling them on China’s steel imports, just in case anyone forgot he’s also in a long-term relationship with protectionism. Plus, he threw in some chest-puffing about opening 100 shiny new steel and iron mills. (Take that, Nippon!)

Now, you might be asking, “What about the shareholders?” Great question! Biden’s speech was more about geopolitical flexing than corporate governance. Sure, Nippon would have written a fat check, but apparently, preserving America’s steel soul is worth a few billion in lost market cap.

So, for now, U.S. Steel stays red, white, and blue, but mostly in the red.