U.S. Steel Corp. said in a regulatory filing Friday that the acquisition by Nippon Steel is expected to close later this year.

The filing with exchanges comes at a time when the Japanese firm's $14.9 billion deal to buy the iconic 122-year-old U.S. steelmaker faces heightened scrutiny due to national security concerns.

U.S. President Joe Biden on Thursday expressed explicit opposition to the deal and said U.S. Steel must remain a domestically owned American firm.

Cleveland-Cliffs CEO Lourenco Goncalves said on Thursday he would consider another bid for U.S. Steel likely worth no more than $30 per share if the Nippon Steel deal falls apart.