(Reuters) – U.S. President Joe Biden plans to formally block Nippon Steel’s proposed buyout of the company on national security grounds, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Nippon Steel agreed to acquire U.S. Steel last year but has faced resistance from an assertive labor union and the White House.

Here’s a timeline of events leading up to the deal between the two steelmakers:

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 held

2023 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 rule

2023 out a foreign buyer for the company

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 entering

2023 agreements with numerous third parties

Sept. 20, U.S. Steel and Cleveland-Cliffs clash over a

2023 confidentiality pact

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 buy

2023 U.S. Steel in a deal valued at $14.9 billion

Dec. 19, Three U.S. Republican senators urged Treasury

2023 Secretary Janet Yellen to block the deal by

Nippon Steel, citing national security concerns.

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.

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. 24, Nippon Steel Executive Vice President Takahiro

2024 Mori met U.S. Congress members to discuss

acquisition of U.S. Steel, as it faced strong

resistance.

Feb. 07, Nippon Steel says it was on track to finalize

2024 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 he

2024 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 in-depth

2024 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.

May 30, 2024 Both U.S. Steel and Nippon Steel say they had

received all regulatory approvals outside the

U.S. for their proposed merger

July 20, Nippon Steel hires former U.S. Secretary of

2024 State Mike Pompeo to help with its effort to

acquire U.S. Steel

Aug. 29, Nippon Steel says it plans to invest about $1.3

2024 billion more in U.S. Steel’s two mills as part

of the pending acquisition

Sept. 2, Democratic presidential candidate Kamala Harris

2024 says U.S. Steel should remain in domestic hands

Sept. 4, The White House is close to announcing President

2024 Joe Biden will block Nippon Steel’s acquisition

of U.S. Steel citing national security concerns,

two sources familiar with the situation told

Reuters

Sept. 18, U.S. decision on Nippon bid for

2024 U.S.Steel pushed back to after Nov. election,

sources told Reuters.

Sept. 24, U.S. Steel said the

2024 board of arbitration

, jointly selected by the steelmaker

and the United Steelworkers union, has ruled in

favor of Nippon Steel’s $14.9 billion buyout

deal. The United Steelworkers union (USW)

disagreed

with the decision.

Sept. 27, U.S. President Joe Biden said he had

2024 not changed his mind

about the deal despite the

extension of a national security review of the

proposed tie-up.

Nov. 18, Nippon Steel

2024 will not import steel

to the U.S. from its international

mills, the Japanese company’s Executive Vice

President Takahiro Mori said in a letter to

United Steelworkers union members.

Nov. 26, Japanese Prime Minister Shigeru

2024 Ishiba

sent a letter

to President Joe Biden asking him

to approve the deal to avoid marring recent

efforts to strengthen ties between the

countries, according to two sources familiar

with the matter.

Dec. 3, 2024 U.S. President-elect Donald Trump

said that a series of tax incentives and tariffs

will revive U.S. Steel, and reiterated his

opposition to Nippon Steel’s planned $15 billion

purchase of the company.

Dec. 10, U.S. President Biden plans to

2024 formally block the purchase on national security

grounds once the deal is referred to him later

this month, Bloomberg News reports citing people

familiar with the matter.

Sources: Reuters reports, company records

(Reporting by Abhinav Parmar, Shivansh Tiwary, Kannaki Deka, Aatreyee Dasgupta, Aishwarya Jain, Pratyush Thakur; Editing by Arun Koyyur, Devika Syamnath and Tasim Zahid)

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