Biden Readies to Block Nippon’s US Steel Takeover, Sources Indicate

By Jeff Mason

WASHINGTON – U.S. President Joe Biden is poised to block Nippon Steel’s acquisition of U.S. Steel, as reported on Wednesday.

This decision would significantly impact the proposed $14.9 billion deal.

The president has previously expressed concerns regarding Nippon’s intention to acquire the historic, 122-year-old American steelmaker.

Earlier in the day, U.S. Steel warned that not proceeding with the merger could jeopardize thousands of U.S. union jobs.