Biden Poised to Block Nippon Steel's U.S. Steel Takeover

President Joe Biden intends to stop Nippon Steel's acquisition of U.S. Steel, citing national security. The decision is expected after the deal is referred to Biden later this month. White House did not comment, while a national security panel must decide by Dec. 22 or 23.

U.S. President Joe Biden is expected to formally block the proposed acquisition of U.S. Steel by Nippon Steel, with concerns rooted in national security. This decision will unfold once the deal is referred to him later this month, according to sources reported by Bloomberg News.

During a press briefing on Tuesday, White House spokesperson Karine Jean-Pierre declined to comment on Biden's anticipated actions regarding the takeover.

The case is now under the scrutiny of a national security panel, which is obligated to pass its decision on the merger to Biden by December 22 or 23, as per Bloomberg's report.

(With inputs from agencies.)