02:23 PM EDT, 09/04/2024 (MT Newswires) -- President Joe Biden is close to announcing he will block Nippon Steel's proposed $14.9 billion acquisition of US Steel (X), the Washington Post reported Wednesday, citing people with knowledge of the matter.

A White House official declined to comment, but told the publication that the Committee on Foreign Investment in the US had not yet relayed its recommendation to the president.

Nippon Steel, US Steel and the White House did not respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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