U.S. President Joe Biden reportedly plans to formally block the $14 billion sale of United States Steel (X) to Japan's Nippon Steel Corp. on national security grounds.

According to Bloomberg, Biden will reject the bid once the Committee on Foreign Investment in the United States (CFIUS) panel sends its decision to the president by Dec. 22 or Dec. 23.

"Any referral to the president suggests at least one member of the panel sees the deal posing a risk," the report said.

 Investopedia hasn't independently confirmed Biden's plan.

Nippon Steel Made Its Bid for US Steel Last Year

The Japanese company had agreed to buy U.S. Steel last year, but received pushback from the Biden administration, which extended the foreign security review period. President-elect Donald Trump said in a post on his Truth Social platform last week that he would block the deal, reiterating his previous opposition to the takeover.

"Nippon Steel has committed to preserve U.S. Steel as a U.S. company headquartered in Pennsylvania and to contribute billions of dollars of investment to our mills and communities, securing the future of steelmaking in Pennsylvania and Indiana," U.S. Steel said in a statement to Investopedia. "No other party can do this."

U.S. Steel Chief Executive Officer (CEO) David Burritt has said that without the $3 billion that Nippon Steel has promised if the deal passes, the company would have to close plants and move its headquarters out of Pittsburgh.

Nippon Steel didn't immediately respond to a request for comment.

U.S. Steel shares are edging higher in premarket trading Wednesday but down almost 30% this year.