U.S. President Joe Biden is preparing to block Nippon Steel Corp.’s $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter.

HARRISBURG, Pa. — Nippon Steel Corp. raised its capital commitment Aug. 29 by more than $1 billion to spend on U.S. Steel’s plants.

Cleveland-Cliffs agreed to buy Canadian steelmaker Stelco Holdings for about $2.8 billion, in the company’s first major move after losing out in its bid for U.S. Steel Corp. last year.

WASHINGTON — The Biden administration is taking a key step toward ensuring that federal dollars will support U.S. manufacturing — issuing requirements for how projects funded by the $1 trillion bipartisan infrastructure package source their construction material.

The record steel rally is starting to show early signs of cooling, with one top U.S. producer scouring for buyers to take over abandoned orders of high-end metal used by automakers.

In another sign of how supply chains are being snarled all over the world, a leading U.S. maker of stainless steel was forced to declare force majeure at its Kentucky mill because it can’t get enough of the industrial gases it needs.

The European Union agreed to avoid escalating its dispute with the U.S. over metal tariffs, sparing iconic products such as bourbon whiskey and Harley-Davidson motorbikes from a doubling of EU duties next month.

The U.S. Supreme Court left intact President Donald Trump’s 25% tariffs on imported steel products, rejecting an industry trade group challenge that sought to strip the president of a powerful legal tool for imposing duties.

U.S. Steel Corp. expects to lay off about 2,700 employees as the virus forces the company to idle most of its blast furnaces.

President Donald Trump acted within his authority when he imposed a 25% tariff on certain steel imports effective March 2018, a U.S. appeals court ruled Feb. 28.