Biden may block US Steel merger

US President Joe Biden is set to block Nippon Steel’s $14.9 billion takeover of US Steel in the coming days over national security concerns. The takeover has been one of the biggest political flashpoints ahead of the US election, with Donald Trump and Kamala Harris both opposing it to gain union support. US Steel argues the merger is vital for maintaining jobs and competitiveness in the steel industry. Without Nippon Steel as a corporate parent, US Steel would continue to shift more production to less capital-intensive operations that produce new steel from melting scrap rather than iron ore.