Nippon Steel and U.S. Steel sent a letter on Sunday to U.S. President Joe Biden about their planned $15 billion merger after media reported that he was preparing to block the deal, a spokesperson for the Japanese steelmaker said.

President Joe Biden is prepared to block Japan’s Nippon Steel’s proposed acquisition of US Steel, two sources familiar with the matter said, a move that would deal a major blow to the $14 billion merger that has become a lightning rod in an election year as candidates on both sides of the aisle vow to protect American manufacturing.

Nippon Steel told US government officials it had proposed adopting a binding national security agreement to address Biden administration concerns about its proposed $14.9 billion acquisition of US Steel, according to a letter seen by Reuters.

The White House is signaling an openness to formally 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 e

A top Nippon Steel executive plans to meet with senior U.S. officials on Wednesday to try and salvage the firm's $14.9 billion bid for U.S. Steel, a person familiar with the matter said. The meeting,

US Steel (NYSE:X) jumped 7% as a Nippon Steel (OTCPK:NPSCY) executive was reportedly in Washington to meet with U.S. officials in an effort to salvage its planned $14 billion purchase of US Steel. Multiple media reports indicated that Nippon Steel Vice Chairman Takahiro Mori on Wednesday was scheduled to with meet several deputy cabinet secretaries who are involved with the Committee on Foreign Investment in the US,

Takahiro Mori of Nippon Steel, the Japanese firm knee-deep in what increasingly appears to be a doomed acquisition of U.S. Steel, met with United Steelworkers President David McCall for the second time this year.