Japan Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel’s 5401.T planned acquisition of U.S.

The bid by Japan's Nippon Steel to buy U.S. Steel may have a new lease on life after the Biden administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal.

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.

President Joe Biden said Friday he is blocking a $14.3 billion acquisition of US Steel by Japan’s Nippon Steel, marking a significant use of executive authority in the closing days of his administration.

President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel.

The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."

President Joe Biden on Friday announced he has blocked the controversial $14.9 billion sale of US Steel to Japan's Nippon Steel, citing a strategic need to protect domestic industry.There was rare bipartisan agreement on the issue,

The bid by Japan’s Nippon Steel to buy U.S. Steel may have a new lease on life, even as the potential for a new bid for the storied Pittsburgh steelmaker began to emerge Monday

President-elect Donald Trump has also expressed strong opposition to Japanese ownership of infrastructure giant.

By Kevin Buckland and Kiyoshi Takenaka TOKYO (Reuters) -Japan Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel's planned acquisition of U.