We might have a steely showdown on our hands as shares in Nippon Steel drop. Live from the UK,

this is the Marketplace Morning Report from the BBC World Service. I'm Leanna Byrne. Good morning.

Shares of the Japanese giant Nippon Steel have slid, closing down 7 tenths of a percent today,

after President Joe Biden's decision to block its takeover of US Steel, citing national

security concerns. Nippon says it's going to challenge that decision because it claims it's a

politically motivated move. The BBC Surin Jan, Tawari, has been following this. Hello.

Hi there. So the latest is that Nippon Steel is thinking of suing the US government for this move.

What do we know so far?

We are hearing that Nippon Steel is going to hold a news conference.

Japanese media are reporting that could happen possibly as early as Tuesday.

And the reason that lots of analysts are saying that the next step could be some sort of legal action is because as soon as Biden came out with his decision to block the deal, Nippon Steel and US Steel issued a joint statement calling the decision, quote, unlawful and said they were left with no choice but to take all appropriate action

to protect their legal rights.

Now, we know why US Steel wants this deal to go through.

They really need that cash injection.

But what about Nippon Steel?

It is Japan's largest steelmaker.

And they were really looking to find a way to close the $14.9 billion acquisition of US deal

because they wanted to grow.

And they saw expansion into the US and being able to have access to the US markets,

the US manufacturing as a way to do that.

So the company is really going to have to rethink how it

pursues its growth strategy going forward. And in the last few hours, we've also had some

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