Biden Blocks $14.9 Billion Nippon Steel Acquisition of U.S. Steel on Security Grounds
The market responded quickly; the stock price of U.S. Steel dropped 6.5% after the disclosure. Analysts speculate the choice would compel the business to rethink its approach, including a possible change from conventional blast furnace operations. The change might affect thousands of union employment.
U.S. President Joe Biden blocked Nippon Steel’s proposed $14.9 billion purchase of U.S. Steel citing national security concerns, in a potentially fatal blow to the deal after a year-long review.
U.S. Steel leaders had warned that without an infusion of capital from Nippon Steel, it would be forced to curtail its legacy ...
Cliffs, which made a failed $7 billion bid for US Steel in August 2023, participated in at least nine calls assuring ...
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