President Joe Biden is set to block the $14.1 billion acquisition of United States Steel Corp. by Japan's Nippon Steel Corp. on national security grounds. The decision, expected to be formally announced later this month, follows a referral from the Committee on Foreign Investment in the United States (CFIUS). The move has led to a significant drop in U.S. Steel shares, with trading being halted multiple times due to volatility. Shares of U.S. Steel fell as much as 18% before the latest halt. Both companies are likely to pursue litigation if the deal is blocked, according to reports. U.S. Steel shares were down 9% and halted for volatility after falling 8.8% in New York.
