The Biden administration told Nippon Steel in a letter on Saturday its $14.9 billion acquisition of U.S. Steel would pose a national security risk by harming the American steel industry, three people said, adding to evidence the U.S. is poised to block it.
The deal faces opposition from numerous Democrats and Republicans, with Vice President and Democratic presidential candidate Kamala Harris saying on Monday she wants U.S. Steel to remain "American owned and operated." Her Republican rival Donald Trump has pledged to block the deal if elected.
In the letter, which has not been previously reported, the Committee on Foreign Investment in the United States (CFIUS) said the deal would damage American steel production and decrease the likelihood that U.S. Steel would continue to aggressively seek trade remedies, the people who were familiar with the matter said, adding that the companies were given until Wednesday to respond.
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