President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp. on national security grounds once the deal is referred back to him later this month, people familiar with the matter said.
The Committee on Foreign Investment in the United States panel, which has been reviewing the proposed takeover for much of this year, must refer its decision to Biden by December 22 or 23, said the people, who asked to not to be identified discussing a confidential process.
Biden—born in US Steel’s home state of Pennsylvania—has long signaled opposition to the sale, and has said the company would remain domestically owned. At the same time, he has stopped short of a pledge to kill the deal, while President-Elect Donald Trump has promised repeatedly to block it. Nippon Steel shares rose as much as 1.2 percent shortly after the open on Wednesday before trading little changed as of 12:52 p.m. in Tokyo.
Despite the political pressures swirling around the deal, Nippon Steel has worked for months to build support. The company announced separately on Tuesday a plan to offer a $5,000 bonus to every US Steel worker if the takeover closes.
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