U.S. President Joe Biden reportedly plans to formally block the $14 billion sale of United States Steel (X) to Japan's Nippon Steel Corp. on national security grounds.

According to Bloomberg, Biden will reject the bid once the Committee on F🉐oreign Investment in the United States (CFIUS) panel sends its decision to the president by Dec. 22 or D�🐽�ec. 23.

"Any referral to the president suggests at least one member of the panel sees the deal posing a risk," the report said.

 Investopedia hasn't independently confirmed Biden's plan.

Nippon Ste💧el Made Its Bid for US Steel Last Year

The Japanese company had agreed to buy U.S. Steel 澳洲幸运5官方开奖结果体彩网:last year, but received pushback from the Biden administration, which extended the foreign security 澳洲幸运5官方开奖结果体彩网:review period. President-elect Donald Trump said in a post on his Truth Social platform last week that he 澳洲幸运5官方开奖结果体彩网:would block the deal, reiteratingꦇ his previous opposition to the takeover.

"Nippon Steel has committed to preserve U.S. Steel as a U.S. company headquartered in Pennsylvania and to contribute billions of dollars of investment to our mills and communities, securing the future of steelmaking in Pennsylvania and Indiana," U.S. Steel said in a statement to Investopedia. "No other party can do this."

U.S. Steel 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) David Burritt has said that without the $3 billion that Nippon Steel has promised if the deal passes, the company would 澳洲幸运5官方开奖结果体彩网:have to close plants and move its headquarters out of Pittsburgh.

Nippon Steel didn't immediately respond to a request for comment.

U.S. Steel shares are e𝔍dging higher ꦜin premarket trading Wednesday but down almost 30% this year.