The president said he was moving to protect national security in deciding the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year.

Nippon Steel touted the $14.9 billion deal as a lifeline for its rusting US rival, but opponents warned that the Japanese firm would slash jobs -- despite assurances to the contrary.

US President Joe Biden on Friday blocked Japan's Nippon Steel's proposed acquisition of US Steel, citing national security concerns – a decision that economists say could hurt American steelworkers and the US economy.