Biden to block Nippon Steel’s proposed takeover of US Steel

By Josh Wingrove | Bloomberg

President Joe Biden is preparing to block Nippon Steel Corp.’s $14.1 billion takeover of United States Steel, according to people familiar with the matter.

The proposed deal has been subject to a review by the Committee on Foreign Investment in the United States, and Biden plans to kill it as soon as the CFIUS decision lands on his desk, said the people, who asked not to be identified because the move hasn’t yet been announced. A decision could be made as soon as this week, they said.