(Corrects to add Timeline tag in headline, change dateline to Sept 5 from May 30)
(Reuters) -The White House is set to announce that President Joe Biden will block Nippon Steel's < 5401.T> $14.9 billion bid for the U.S. Steel citing national security concerns, two sources familiar with the situation told Reuters.
Nippon Steel agreed to acquire U.S. Steel last year, but has faced resistance since then from both an assertive labor union and the White House.
Here's a timeline of events leading up to the deal between the two steelmakers and the growing bipartisan political opposition:
DATE DEVELOPMENT
Aug. 13, U.S. Steel announces aim to explore options
2023 after receiving unsolicited bids, ranging
from the acquisition of certain production
assets to consideration for the company
Aug. 13, U.S. Steel rejects a $7.3-billion offer from
2023 Cleveland-Cliffs, leading to the start of a
formal review of its strategic options
Aug. 14, The United Steelworkers union supports
2023 Cleveland-Cliffs' bid to acquire U.S. Steel,
saying the company is the best buyer
Aug. 14, Shares of U.S. Steel rise after privately
2023 held firm Esmark makes a $7.8-billion
all-cash offer for the company
Aug. 16, ArcelorMittal, the world's second-largest
2023 steelmaker, considers a potential offer for
U.S. Steel, Reuters reports
Aug. 17, U.S. Senator J.D. Vance asks U.S. Steel to
2023 rule out a foreign buyer for the company
Aug. 17, U.S. Steel says its labor agreement with USW
2023 does not grant the union the right to veto a
potential sale of the company
Aug. 22, Cleveland-Cliffs demands U.S. Steel reveal
2023 all buyout offers it has received
Aug. 23, Esmark withdraws its bid for U.S. Steel,
2023 respecting the position of the USW union,
which supports Cleveland-Cliffs' offer
Aug. 29, U.S. Steel begins due-diligence after
2023 entering agreements with numerous third
parties
Sept. 20, U.S. Steel and Cleveland-Cliffs clash over a
2023 confidentiality pact
Sept. 21, Canada's Stelco Holdings considers a bid for
2023 U.S. Steel, Bloomberg news reports
Sept. 28, U.S. Steel allows Cleveland-Cliffs to
2023 participate in its sale process
Oct. 31, Major automakers oppose Cleveland-Cliffs'
2023 proposed acquisition, citing potential cost
increases and a slowdown in electric-vehicle
sales
Dec. 18, Japan's Nippon Steel announces its plan to
2023 buy U.S. Steel in a deal valued at $14.9
billion
Dec. 19, Three U.S. Republican senators urged
2023 Treasury Secretary Janet Yellen to block the
deal by Nippon Steel, citing national
security concerns.
Dec. 20, Brian Deese, a key player in President Joe
2023 Biden's 2024 re-election bid, says Nippon's
proposed purchase was concerning and the
administration should look closely at it.
Dec. 21, The White House said Nippon Steel's proposed
2023 acquisition of U.S. Steel deserves "serious
scrutiny", given its core role in U.S. steel
production that is critical to national
security.
Dec. 22, Japanese Industry Minister Ken Saito
2023 saysU.S.-Japanese ties were "stronger than
ever," although he declined to comment
directly on growing U.S. scrutiny of a
proposed deal.
Jan. 05, Nippon Steel was confident of completing its
2024 planned acquisition of U.S. Steel, despite
opposition from labor union and certain U.S.
senators, its president said.
Jan. 12, Nippon Steel said President Eiji Hashimoto
2024 would become CEO and chairman from April 1,
remaining at the helm as the top Japanese
steelmaker aims to complete the deal
Jan. 24, Nippon Steel Executive Vice President
2024 Takahiro Mori met U.S. Congress members to
discuss acquisition of U.S. Steel, as it
faced strong resistance.
Jan. 30, Sumitomo Mitsui Financial Group, Mitsubishi
2024 UFJ Financial Group and Mizuho Financial
Group plans to lend Nippon Steel a combined
$16 billion for its acquisition of U.S.
Steel.
Feb. 07, Nippon Steel says it was on track to
2024 finalize its acquisition of U.S. Steel by
September end as it stepped up talks with
key stakeholders, particularly labor unions.
March 04, A senior Nippon Steel executive told Reuters
2024 he was set to meet the United Steelworkers
union chief to seek support for acquiring
U.S. Steel.
March 13, President Joe Biden plans to express concern
2024 over Nippon Steel's proposed purchase of
U.S. Steel, pushing the U.S. company's stock
nearly 13% lower on bets the deal could face
political opposition.
April 10, The U.S. Department of Justice opens an
2024 in-depth antitrust investigation into Nippon
Steel's takeover of U.S. Steel.
April 12, U.S. Steel shareholders vote to approve the
2024 acquisition, taking the merger one step
closer to completion even as political
opposition rise.
April 17, President Joe Biden says at an event in
2024 Pittsburgh that the U.S. Steel should stay a
U.S.-owned company.
May 2, 2024 The U.S. Department of Justice sent a
"second request" to U.S. Steel, seeking more
details and documentary materials as part of
an antitrust review.
May 6, 2024 The European Commission approves U.S.
Steel's $14.9 billion buyout saying the deal
does not raise competition concerns.
Both U.S. Steel and Nippon Steel say they
May 30, 2024 had received all regulatory approvals
outside the U.S. for their proposed merger
July 20, Nippon Steel
2024 hires
former U.S. Secretary of State
Mike Pompeo to help with its effort to
acquire U.S. Steel
Nippon Steel says it plans to
Aug. 29, invest about $1.3 billion more in U.S.
2024 Steel's two mills as part of the pending
acquisition
Democratic presidential
Sept. 2, candidate Kamala Harris says U.S. Steel
2024 should remain in domestic hands
The White House is close to
Sept. 4, announcing President Joe Biden will block
2024 Nippon Steel's acquisition of U.S. Steel
citing national security concerns, two
sources familiar with the situation told
Reuters
Sources: Reuters reports, company records
(Reporting by Abhinav Parmar, Shivansh Tiwary, Kannaki Deka and Aatreyee Dasgupta, Pratyush Thakur; Editing by Arun Koyyur and Devika Syamnath)
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