President Joe Biden has decided to prevent the $14.1 billion sale of U.S. Steel Corp. to Nippon Steel Corp., according to sources, which sent the domestic company into a premarket stock tailspin.

The president’s announcement of the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year, is expected as soon as Friday.

Biden previously came out against the deal last March — and was backed by the United Steelworkers, concerned over whether the company would honor existing labor agreements or slash jobs as well as the firm’s financial transparency.