Biden Expected To Block U.S. Steel Takeover

(Washington, DC) -- President Biden is expected to block the proposed 15-billion-dollar acquisition of U.S. Steel by Japan's largest steelmaker. While the White House hasn't confirmed the move yet, the Washington Post on Wednesday cited three people familiar with the matter. Nippon [[ Nih-PAWN ]] Steel's purchase of U.S. Steel has been opposed by both former President Trump and Vice President Harris on the campaign trail, with the Democratic presidential nominee arguing the historic company should remain in American hands. At the same time, the CEO of U.S. Steel is warning that blocking the deal would likely cause the company to close plants and move its headquarters out of Pittsburgh.