Biden to express concern over Nippon Steel's deal for U.S. Steel, source says

Nippon Steel was not immediately available for a comment outside regular hours. Biden will issue a statement about Nippon's planned acquisition of the iconic U.S. steelmaker before Japanese Prime Minister Fumio Kishida arrives for a state visit in Washington, the Financial Times reported, citing six people familiar with the decision.

U.S. President Joe Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter told Reuters, sending shares of the Pennsylvania-based firm 7.3% lower on Wednesday.

The White House said in December the deal needed to be carefully scrutinized given U.S. Steel's core role producing a material that is critical to national security. U.S. Steel was not immediately available for comment, while the White House declined to comment. Nippon Steel was not immediately available for a comment outside regular hours.

Biden will issue a statement about Nippon's planned acquisition of the iconic U.S. steelmaker before Japanese Prime Minister Fumio Kishida arrives for a state visit in Washington, the Financial Times reported, citing six people familiar with the decision. Biden will not say outright that the deal should be blocked, the report added. Instead he will echo comments from White House national economic adviser Lael Brainard, who in December said the president believed it deserved "serious scrutiny," the report added.

U.S. officials and lawyers have drafted the statement and the White House has privately informed the Japanese government of Biden's decision, the report said.

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