U.S. President Joe Biden plans to express serious concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, The Financial Times reported Wednesday.
Shares of U.S. Steel fell 7.3% in afternoon trade. The company was not immediately available for comment.
The White House said in December the deal needed to be carefully scrutinized given U.S. Steel's core role producing a material that is critical to national security.
Biden will issue a statement about Nippon's planned acquisition of the iconic U.S. steelmaker before Japanese Prime Minister Fumio Kishida arrives for a state visit in Washington on April 18, the FT reported, citing six people familiar with the decision.
U.S. officials and lawyers have drafted the statement and the White House has privately informed the Japanese government of Biden's decision, the report added.