Nippon Steel takeover blocked by White House, U.S. Steel shares plummet.

• According to The Washington Post, President Joe Biden is set to reveal that he will prevent the $14.9 billion acquisition of U.S. Steel by Nippon Steel, a Japanese steel company.
• If the deal is blocked, U.S. Steel CEO David Burritt stated that the company would likely shut down plants and relocate its headquarters from Pittsburgh.

On Wednesday, shares of the company tumbled more than 20% due to reports that the White House is preparing to block the company's planned sale to Japan's Nippon Steel.

Sources close to the matter informed the Washington Post that President Biden was planning to reveal his decision to veto the $14.9 billion agreement.

During a campaign event in Pittsburgh on Monday, Vice President Kamala Harris, the Democratic presidential nominee, stated that U.S. Steel should remain under American ownership and operation. Similarly, former President Donald Trump, the Republican nominee, is also against the deal.

If the deal is blocked, U.S. Steel CEO David Burritt stated that the company may have to shut down plants and relocate its headquarters from Pittsburgh, according to The Wall Street Journal on Wednesday. Burritt emphasized that the deal is vital for keeping U.S. Steel's older plants competitive and preserving jobs.

The Committee on Foreign Investment has been reviewing the potential impact of the deal on national security.

The opposition to U.S. Steel's acquisition by Nippon from both political parties highlights a growing trend of protectionism in the U.S., even towards a company with close ties to an ally like Japan.

This is a developing story. Please refresh for updates.