Biden to Block Nippon Steel’s Proposed Takeover of US Steel (1)

US President Joe Biden is preparing to block Nippon Steel Corp.’s $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter.

The proposed deal has been subject to a review by the secretive Committee on Foreign Investment in the United States, and Biden plans to kill it as soon as the CFIUS referral lands on his desk, said the people, who asked not to be identified because the move hasn’t yet been announced. A decision could be made as soon as this week, they said.

Shares of US Steel plunged as much ...