President Joe Biden will block Nippon Steel’s acquisition of US Steel after his administration concluded that the $14.9bn transaction posed a national security risk that could not be mitigated by the US and Japanese groups.
Several people familiar with the matter said the White House would prevent the acquisition of the Pittsburgh-based group on national security grounds.
Biden’s decision, which is expected in the coming days, comes as Kamala Harris, the Democratic presidential nominee, steps up her campaigning for blue-collar votes in Pennsylvania, a swing state that could decide November’s US election.
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