Biden prepares to block Nippon takeover of US Steel, source says By Reuters

By Jeff Mason

WASHINGTON (Reuters) – U.S. President Joe Biden is preparing to block Nippon Steel’s acquisition of U.S. Steel, a source said on Wednesday.

Biden’s move would deal a blow to the proposed $14.9 billion deal.

The president previously expressed concern over Nippon’s deal to buy the storied 122-year-old US steelmaker.

US Steel warned earlier Wednesday that failure to merge with Nippon Steel would put thousands of US union jobs at risk.