Biden Set To Block US Steel Sale To Nippon Steel: Report

United States Steel Corp. X shares plunged Tuesday following a report that President Joe Biden will block the company's proposed deal with Nippon Steel. 

The Details: People familiar with the matter told Bloomberg that Biden views the sale as a national security risk.

The Committee on Foreign Investment in the United States (CFIUS) is expected to send the case back to Biden later this month. 

The CFIUS panel has been reviewing the proposed sale of US Steel for much of 2024. It must refer its decision to Biden by Dec. 22 or 23. US Steel and Nippon Steel are preparing to pursue litigation if Biden does block the merger, the sources say.

"This transaction should be approved on its merits," US Steel spokeswoman Amanda Malkowski told Bloomberg. 

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