Joe Biden plans to intervene in Nippon Steel’s proposed purchase of US Steel, a move that could threaten the deal and anger Japan, one of Washington’s closest allies.
Biden will issue a statement expressing serious concern about the Japanese group’s proposed $14.9bn acquisition of the Pennsylvania-headquartered steelmaker before Prime Minister Fumio Kishida arrives for a state visit in Washington on April 10, according to six people familiar with the decision.
US officials and lawyers have drafted the statement and the White House has privately informed the Japanese government of the president’s decision, according to people familiar with the matter. US Steel’s shares fell more than 12 per cent after the Financial Times published details of Biden’s intentions.