Biden cites national security as a chief reason for his decision, but the steelmakers say the ruling is politically motivated and are considering legal action.

The president said he was moving to protect national security in deciding the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year.

Nippon Steel and U.S. Steel will sue after President Biden blocked their $15 billion merger, citing national security.Gary mayor's warning: Mayor Eddie Melton fears job losses and investment risks for Gary,