A government review board was unable to reach a consensus in Nippon Steel's planned $15 billion purchase of U.S. Steel and has referred the matter to President Biden, the Japanese giant said on Monday night.

The big picture: The Washington Post first reported on Monday's deadlock by the Committee on Foreign Investment in the United States (CFIUS) on the proposed deal's impact on national security if U.S. Steel were sold to the world's fourth-largest steelmaker.