President Joe Biden has decided to officially block Nippon Steel’s proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorized to speak publicly about the matter.
Barring an unforeseen change of heart, which the officials do not expect, a White House announcement of the presidential finding is planned as soon as Friday.
Biden opted to kill the deal despite intense efforts by some of his senior advisers to sway him in recent days, who warned that rejecting a sizable investment from a top Japanese corporation could damage U.S. relations with Japan.
Nippon Steel and U.S. Steel have vowed to pursue legal action against the government, claiming it failed to follow proper procedures during its consideration of the acquisition.