Nippon Steel said it wouldn't be deterred by Biden’s decision last week to block its $15 billion bid for the storied U.S. steelmaker.

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The Japanese firm’s planned purchase of its U.S. rival was blocked last week by President Joe Biden after a year of diplomatic tension, political debate and lobbying efforts from the companies and unions. Biden, who had previously said he opposed the tie-up, cited national-security risks, despite Japan being a close ally.