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

:U.S. President Joe Biden plans to formally block Nippon Steel's proposed takeover of U.S. Steel on national security grounds once the $15 billion deal is referred back to him later this month, Bloomberg News reported on Tuesday, citing people familiar with the matter.The U.S. national security panel reviewin

:U.S. President Joe Biden plans to formally block Nippon Steel's proposed takeover of U.S. Steel on national security grounds once the $15 billion deal is referred back to him later this month, Bloomberg News reported on Tuesday, citing people familiar with the matter.The U.S. national security panel reviewin

Shares of U.S. Steel tumbled more than 10% on Tuesday afternoon following a Bloomberg report suggesting the deal would be killed in short order