By Zachary Stieber Contributing Writer  President Joe Biden on Friday announced that he is blocking the proposed takeover of U.S. Steel by Japanese company Nippon Steel.  “We need major U.S. companies representing the major share of U.S. steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a statement detailing the reasoning behind his decision. “As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains.”  Nippon Steel had proposed paying $15 billion to take over U.S. Steel.  The Committee on Foreign Investment in the United States was unable to decide whether the deal should go through and referred the matter in December to Biden.  Biden had 15 days following the referral to block or approve the deal. If he had not acted, the deal would have been approved.  Nippon’s 2023 agreement included several concessions, including giving the U.S. government veto power over changes to output.  U.S. Steel shareholders voted in 2024 to approve the acquisition, though the proposal was opposed by the United Steelworkers union.  U.S. Steel has warned that thousands of jobs would be at risk without the deal.  Shares of U.S. Steel were down by 8% before the opening of trading.  President-elect Donald Trump, set to assume office on Jan. 20, had said that he would block the proposed acquisition.  “I am totally against the once great and powerful U.S. Steel being bought by a foreign company,” Trump said at the time.  Reuters contributed to this report.  The post Biden to block sale of US Steel to Japanese company  appeared first on Santa Clarita Valley Signal.