WASHINGTON -The Biden administration told Nippon Steel in a letter on Saturday its $14.9 billion acquisition of U.S. Steel would pose a national security risk by harming the American steel industry, three people said, adding to evidence the U.S. is poised to block it.
"The committee has identified risks to the national security of the United States arising as a result of the transaction," the letter said, according to one of the sources. The White House declined to comment. The Treasury Department, which leads CFIUS, did not respond to a request for comment.