President Joe Biden has rejected the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel.

President Joe Biden officially announced on Friday he has blocked Nippon Steel's $14.1 billion purchase of U.S. Steel, setting up a likely federal court battle.

The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."

Shares of U.S. Steel sank Friday as President Joe Biden blocked the $14.1 billion sale of the iconic American company to Japan's Nippon Steel.

In blocking the sale to Nippon Steel, Biden said U.S. Steel "will remain a proud American company – one that’s American-owned and American-operated."

The decision to block U.S. Steel's acquisition by Nippon Steel is the perfect coda to President Joe Biden's political career. By intervening in the

By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead.

In a joint statement with U.S. Steel, the Japanese company accused Biden of breaking the law to serve his own political agenda just a few weeks before leaving the White House. Biden said he was protecting national security and keeping the company in American hands. Newsweek reached out to the White House via email for comment.

On Friday, President Joe Biden moved to block the long awaited $14.9 billion sale of United States Steel Corp. to Nippon Steel Corp., thus ending a saga that lasted more than a year.

A government panel has failed to reach consensus on the possible national security risks of a nearly $15 billion proposed deal for Nippon Steel to purchase U.S. Steel.

U.S. Steel employs thousands across its plants and offices in Pennsylvania and the state has about 10% of the nation’s steelworkers.