The market responded quickly; the stock price of U.S. Steel dropped 6.5% after the disclosure. Analysts speculate the choice would compel the business to rethink its approach, including a possible change from conventional blast furnace operations. The change might affect thousands of union employment.

Nippon Steel, whose multibillion-dollar proposal to buy struggling US Steel was blocked by President Joe Biden last week, says it is considering taking legal action against the US government.

By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead.

The US government announced it has blocked the proposed US$14bn takeover of US Steel Corporation by Japan’s Nippon Steel Corporation, just weeks before the administration of US President Joe Biden is due to step down to make way for a new government under President-elect Donald Trump.

The company still needs investment badly, and it isn’t clear what game of opportunity and survival is being played at the top.

Joe Biden’s decision to block Nippon Steel’s acquisiton of U.S. Steel may have gone against the advice of top aides.

President Joe Biden delivered a blockbuster decision on Friday, stepping in to block the $14.9 billion takeover of United States Steel Corporation by Japan’s Nippon Steel. For Senator

President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA's most storied steel company.