Mr. Biden says he blocked the $14 billion takeover of U.S. Steel by Japan's Nippon Steel on the grounds the sale was a threat to national security.

U.S. Steel and Japan’s Nippon Steel sued the United States government on Monday in a last-ditch attempt to revive their attempted merger after President Biden blocked it last week on the basis that the transaction posed a threat to national security.

U.S. Treasury Secretary Janet Yellen said on Wednesday that Nippon Steel's blocked acquisition of U.S. Steel received a "thorough analysis" by an interagency national security review body that was sent to President Joe Biden.