A U.S. government panel is set to submit its recommendations this month on whether a Japanese takeover of U.S. Steel would threaten national security, with the fate of the $15 billion mega-merger in the balance.

Here's a timeline of events leading up to the deal between the two steelmakers: Nippon Steel, citing national security concerns. U.S.-owned company. Aug. 29, Nippon Steel says it plans to invest about $1.3 United Steelworkers union members.

Biden—born in US Steel’s home state of Pennsylvania—has long signaled opposition to the sale, and has said the company would remain domestically owned. A federal judge on Tuesday also blew up another huge deal—while granting a parting gift to Federal Trade Commission Chair Lina Khan in the process.

President Joe Biden plans to formally block the $14.1 billion sale of U.S. Steel on national security grounds, people familiar with the matter said.

(Reuters) - A U.S. government panel is set to submit its recommendations this month on whether a Japanese takeover of U.S. Steel would threaten national security, with the fate of the $15 billion mega-merger in the balance.

KEY TAKEAWAYS President Joe Biden reportedly plans to formally block the $14 billion sale of United States Steel to Japan's Nippon Steel on national security grounds.According to Bloomberg, Biden will reject the bid once the Committee on Foreign Investment in the United States (CFIUS) panel sends its decision to the president by Dec.

Nippon Steel on Wednesday slammed the "inappropriate" influence of politics on its planned takeover of US Steel after a media report said President Joe Biden would block it."It is inappropriate that politics continue to outweigh true national security interests -- especially with the indispensable alliance between the US and Japan as the important foundation,