U.S. Steel Corp.’s stock jumped on Wednesday afternoon following a report that President Joe Biden will not move imminently to block the takeover of the iconic American company by Japan’s Nippon Steel.

The president has already expressed opposition to Japanese-owned Nippon’s proposed takeover of U.S. Steel, saying the iconic U.S. company should remain American owned.

Biden has voiced his opposition to Nippon Steel buying U.S. Steel, but the federal government appears to be in no hurry to block the deal.

The Committee on Foreign Investment in the United States is expected to raise national security concerns about selling the iconic steel producer to Japan’s Nippon Steel.

U.S. Steel shares rebounded somewhat Thursday, a day after plummeting on a report President Joe Biden intends to block its proposed $14 billion acquisition by Japanese firm Nippon Steel.

President Joe Biden is preparing to block Nippon Steel Corp.’s $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter.

The Biden administration is likely to delay a final decision on whether to block the sale of U.S. Steel to Nippon Steel of Japan until after the election, slowing a process that has been caught up in presidential politics, according to people familiar with the matter.

President Joe Biden is preparing to block the takeover of a storied US steel-maker by a Japanese company, a controversial move that critics say would lead to job losses and could chill foreign investment in the US, according to US media reports. The $15bn deal was announced by Japan's Nippon Steel and US Steel last year.

Nippon Steel Corp. and United States Steel Corp. sent a letter to US President Joe Biden earlier this month on the Japanese company’s proposed takeover of its American peer.

President JOE BIDEN “will not imminently move to block Nippon Steel’s bid to acquire U.S. Steel amid mounting concerns over the political and economic consequences of nixing the deal,” WaPo’s Jeff Stein and David Lynch scoop.

Nippon Steel Chief Executive Eiji Hashimoto and U.S. Steel CEO David Burritt write to the White House as the $15 billion deal founders.