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.

President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp. on national security grounds once the deal is referred back to him later this month,

The president is expected to block the sale of Pittsburgh's U.S. Steel to Japan-based Nippon Steel on grounds of national security.