Report: Biden to Block $15-Billion Purchase of U.S. Steel by Japanese Company

President Joe Biden is planning to step in and block a $14.9-billion purchase of iconic American company U.S. Steel by Japanese firm Nippon Steel, according to a report from the Washington Post.

The deal has been a bubbling source of controversy amid the current administration’s efforts to increase domestic manufacturing while also still attracting foreign investment. Both Kamala Harris and Donald Trump have expressed opposition to the purchase. For its part, U.S. Steel, which was formed in 1901, warned on Wednesday that without Nippon’s infusion of cash, thousands of jobs would be at risk.

“We want elected leaders and other key decision makers to recognize the benefits of the deal as well as the unavoidable consequences if the deal fails,” said CEO David Burritt, in a statement. The company says without Nippon it will “pivot away from its blast furnace facilities.” As of Wednesday afternoon, the company’s website still features both U.S. Steel and Nippon Steel logos together on the homepage.

Harris recently called U.S. Steel a “historic American company” in objecting to the deal; in a rare show of agreement, Trump has said he would block the deal as well, and that Japan “shouldn’t be allowed to buy it.” There was some suggestion that even amid widespread opposition there could be hope for the deal to move forward; Biden’s reported move may upend that idea.