05:13 AM EST, 01/03/2025 (MT Newswires) -- (Updates with X stock price drop in final paragraph.)

President Joe Biden has decided to officially block Nippon Steel's proposed $14.9 billion purchase of US Steel (X), Reuters reported, citing a person familiar with the decision.

The formal decision will likely be announced on Friday, according to media reports.

The media speculation follows a statement from US Steel on Dec. 23 which said the Committee on Foreign Investment in the United States had referred the buyout deal to President Biden to "make a decision."

Nippon Steel and US Steel did not immediately respond to a request for comment from MT Newswires on Friday.

The reported presidential move comes as US Steel's unionized employees again rejected Nippon Steel's latest offer to keep its buyout effort alive. A statement posted by the United Steelworkers to the union's website prior to the reported deal blocking described the Japanese steelmaker's proposal as "a 'Hail Mary' pass destined to fall to the ground."

In an emailed statement to MT Newswires before the reported blocking of the deal, US Steel had said the union leaders were misrepresenting several aspects of the Nippon Steel offer and stressed its belief the deal remains "the best way to ensure that US Steel, including its employees, communities, and customers, will thrive well into the future."

Separately, in a statement late Thursday, US Steel said it plans to create a workforce training center with a multi-million dollar grant from Nippon Steel to support workforce development in western Pennsylvania after the companies' buyout deal closes.

Shares of US Steel fell more than 8.5% in Friday's pre-market activity.

(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.)