Biden to block US-Japan steel deal

WASHINGTON/TOKYO — US President Joe Biden has decided to officially block Nippon Steel's proposed $14.9-billion purchase of US Steel, a person familiar with the decision said on Friday, putting an end to a long-running and contentious merger plan.

The Committee on Foreign Investment in the United States had previously referred the decision to approve or block the deal to Biden, who will leave office on Jan 20.

Biden's call to block the deal was taken despite contrary efforts by some senior advisers concerned that it could hurt US-Japan relations, according to The Washington Post, which first reported the news. It cited two administration officials who were not authorized to speak publicly about the matter.