Biden Poised to Block Nippon Steel's Acquisition of U.S. Steel

President Joe Biden is set to halt Nippon Steel's $14.9 billion acquisition of U.S. Steel, expressing concerns about the deal's impact. The iconic U.S. steelmaker warns that the merger's failure could jeopardize thousands of union jobs.

In a decisive move, U.S. President Joe Biden is reportedly preparing to block Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel, according to a source on Wednesday.

Biden's potential action underscores his ongoing concerns about the implications of the deal involving the 122-year-old American steel giant.

U.S. Steel had earlier warned that halting the merger with Nippon Steel could result in significant job losses for thousands of U.S. union workers.

(With inputs from agencies.)