02:01 PM EDT, 03/13/2024 (MT Newswires) -- United States Steel's ( X ) planned sale to Japan's Nippon Steel could hit a snag as President Joe Biden plans to express concerns over the deal in a statement ahead of Japanese Prime Minister Fumio Kishida's state visit on April 18, Financial Times reported Wednesday.

United States Steel ( X ) was down 11% in recent Wednesday trading.

Biden's statement would not call for the blocking of the deal outright, but instead echo past comments from White House national economic adviser Lael Brainard to further scrutinize the sale.

According to sources, the White House has already informed the Japanese government of Biden's decision which would be interpreted as opposition to the deal, the report said.

The United Steelworkers has also opposed the sale. The White House declined to comment to Financial Times.

United States Steel ( X ), Nippon Steel and the United Steelworkers did not immediately respond to requests for comment by 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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