Nippon Steel Corp.'s proposed $12.3 billion acquisition of U.S. Steel Corp. moved a step closer to being blocked after a U.S. national security panel deadlocked on its review and left the final decision with President Joe Biden, who has repeatedly indicated his opposition to the deal.

The case was referred by the Committee on Foreign Investment in the United States to Biden's desk Monday, which was the deadline, according to people familiar with the matter. The proponents were notified that the panel was unable to reach consensus.

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