08:57 AM EDT, 09/05/2024 (MT Newswires) -- (Updates with US Steel's response to a request for comment in the third paragraph.)

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.

"We have not received any update or executive order in relation to the [Committee on Foreign Investment in the United States] process," a US Steel spokesperson told MT Newswires via email. "We continue to stand by the fact that there are no national security issues associated with this transaction, as Japan is one of our most staunch allies. We fully expect to pursue all possible options under the law to ensure this transaction, which is best future [sic] for Pennsylvania, American steelmaking, and all of our stakeholders, closes."

Nippon Steel did not respond to a request 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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