U.S. Steel faces murky future after Biden blocks proposed takeover by Nippon Steel [Video]

The Biden administration’s move on Friday to block Nippon Steel’s proposed purchase of U.S. Steel raises questions about the once iconic American company’s future, with industry sources saying the manufacturer could struggle to energize growth or attract rival acquisition bids.

President Biden stopped the $15 billion deal over national security and supply-chain concerns.

U.S. Steel CEO David B. Burritt blasted the decision, calling Mr. Biden’s action “shameful” and “corrupt” in a statement to CBS News. 

“He gave a political payback to a union boss out of touch with his members while harming our company’s future, our workers and our national security. He insulted Japan, a vital economic and national security ally, and put American competitiveness at risk,” Burritt said.

Burritt added that the proposed deal “is what guarantees a great future for U. S. Steel, our employees, our communities and our country.”

Limited options

Industry experts said that without outside investment from Japan, the U.S-based steel manufacturer’s path forward is murky.

“With foreign ownership …