In a recent development, White House officials have indicated a postponement in making a decision regarding the proposed takeover of U.S. Steel by Japan's Nippon Steel, as reported by the Washington Post on Friday. While the Committee on Foreign Investment in the United States, as well as Nippon Steel and U.S. Steel, have chosen not to comment, the White House has yet to respond to a request for comment from Reuters.

According to a spokesperson for Nippon Steel, both companies sent a letter to President Biden on Sunday in light of media reports suggesting his intention to block the merger. Despite no official announcement regarding the blockade, Biden allegedly maintains his opposition to the deal. However, the pace of internal deliberations has slowed, as cited by individuals familiar with the matter in the Washington Post report.

Japan's largest steelmaker, Nippon Steel, persists in pursuing a cash deal to acquire the esteemed 123-year-old U.S. Steel. This endeavor faces resistance not only from President Biden but also from former President Donald Trump, Democratic nominee Kamala Harris, and the United Steel Workers union. The proposed acquisition is currently under review from a national security standpoint in the United States.

The delay in reaching a decision on the takeover has left many stakeholders eagerly awaiting a resolution. The outcome of the review process will undoubtedly have significant implications for both the American and Japanese steel industries, as well as broader global trade dynamics.

It remains to be seen how the White House will ultimately decide on this crucial issue. As negotiations continue behind closed doors, the fate of the Nippon Steel-U.S. Steel merger hangs in the balance, while industry observers watch closely for any further developments.