President Biden has decided to officially block Nippon Steel’s (NPSCY) (NPCSY) proposed purchase of U.S. Steel (X), Jeff Stein and David Lynch of Washington Post report, citing two administration officials. Barring an unforeseen change of heart, which the officials do not expect, a White House announcement of the presidential finding is planned as soon as Friday, the paper reports. Biden opted to kill the deal despite intense efforts by some of his senior advisers to sway him in recent days, it adds. Shares of U.S. Steel are down 8%, or $2.60, to $30.00 in premarket trading.
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