The White House is signaling an openness to blocking the acquisition of U.S. Steel by Nippon Steel, as a government review of the proposed takeover by the Japanese company is on the cusp of ending. The Washington Post reported Wednesday that President Joe Biden plans to stop the deal from going forward.

President Joe Biden is preparing to announce that he will block the $14.9 billion takeover of U.S. Steel by Japan's Nippon Steel, according to The Washington Post. U.S. Steel CEO David Burritt told The Wall Street Journal the company would likely close plants and move its headquarters from Pittsburgh if the deal is blocked.

President Joe Biden is set to block Nippon Steel’s $14.9 billion acquisition of U.S. Steel, a major industry move.