President Joe Biden has officially blocked the $14.9 billion takeover of U.S. Steel by Japan's Nippon Steel. Biden said the proposed deal would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation's critical supply chains.

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

U.S. Steel and its would-be Japanese suitor filed twin lawsuits Monday to defend their $15 billion merger. President Biden issued an order on Friday to block the deal, citing national security concerns.