
President Joe Biden is preparing to block Japan's Nippon Steel's acquisition of U.S. Steel, citing national security concerns, according to reports. This news caused U.S. Steel shares to plummet by more than 17% on Wednesday.
The White House is close to making the announcement concerning the $14.9 billion deal amid bipartisan political opposition, Reuters reported, citing two people familiar with the matter. The report said that the announcement may be made as soon as later this week.