Update (1111ET):

Nippon Steel is furious that President Biden blocked their proposed $14.9 billion deal to take over US Steel. 

"We are dismayed by President Biden's decision to block Nippon Steel's acquisition of US Steel, which reflects a clear violation of due process and the law governing CFIUS," the Japanese steelmaker wrote in a press release, adding, "Instead of abiding by the law, the process was manipulated to advance President Biden's political agenda." 

Nippon said the $55-per-share deal would have revitalized American steel plants with a $2.7 billion investment, protected union jobs, and enhanced America's steel supply chain against low-cost Chinese competition. 

"Blocking this transaction means denying billions of committed investment to extend the life of US Steel's aging facilities and putting thousands of good-paying, family-sustaining union jobs at risk. In short, we believe that President Biden has sacrificed the future of American steelworkers for his own political agenda," Nippon continued. 

According to Nikkei Asia, the Japanese steelmaker plans to sue the US government, targeting the Committee on Foreign Investment in the United States (CFIUS), which conducted the national security review of the proposed transaction and ultimately influenced President Biden's decision.