Biden to express concern over Nippon Steel's deal for U.S. Steel, FT reports

U.S. President Joe Biden plans to express serious concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, the Financial Times reported on Wednesday.

Shares of U.S. Steel fell 7.3% in afternoon trade. The White House said in December the deal needed to be carefully scrutinized given U.S. Steel's core role producing a material that is critical to national security.