Biden to block Nippon Steel takeover of US Steel on Friday

Published On Jan 3, 2025, 4:41 AM

President Biden plans to block the $14.1 billion acquisition of United States Steel Corp by Nippon Steel, citing concerns over national security and the importance of keeping US Steel American-owned. The decision follows significant opposition from labor groups like the United Steelworkers. US Steel shares have already seen a decline ahead of the announcement, reflecting skepticism in the market about the deal's progress.

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The blocking of Nippon Steel's acquisition of US Steel could lead to greater instability and uncertainty in the US steel industry, affecting US Steel’s operations and potential sale prospects. The shares are likely to remain under pressure until a clear strategic path is established.

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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.

The Committee on Foreign Investment in the United States kicked a decision over the merger with Japan’s Nippon Steel to President Biden, who is expected to block the deal.

(Bloomberg) -- President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp. on national security grounds once the deal is referred back to him later this month, people familiar with the matter said.Most Read from BloombergBrace for a Nationwide Shuffle of Corporate HeadquartersCloud Computing Tax Threatens Chicago’s Silicon Valley DreamA Chicago Skyscraper Cements the Legacy of a Visionary Postmodern ArchitectSan Francisco, Paris Named Bes