WASHINGTON, Sept 4 (Reuters) – The Biden administration is close to announcing it will block Nippon Steel’s acquisition of U.S. Steel, two sources familiar with the situation said on Wednesday, amid growing bipartisan political opposition to the $14.9 billion deal.
The panel that is reviewing the proposed merger for national security reasons has not sent its formal recommendation to the president, White House spokeswoman Karine Jean-Pierre said. White House spokesman John Kirby declined to comment on Biden’s plans but reiterated the president’s view “that American steel companies ought to be American owned.”
The Washington Post first reported the thinking of the administration of President Joe Biden. Shares of U.S. Steel fell 19%. Nippon and U.S. Steel did not immediately comment on the administration’s plans.
The Treasury Department, which is overseeing the national security approval process for the deal, declined to comment.
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