President Joe Biden is preparing to announce that he will block the $14.9 billion takeover of U.S. Steel by Japan’s Nippon Steel, according to The…
President Joe Biden is preparing to announce that he will block the $14.9 billion takeover of U.S. Steel by Japan's Nippon Steel, according to The Washington Post.
U.S. Steel CEO David Burritt told The Wall Street Journal the company would likely close plants and move its headquarters from Pittsburgh if the deal is blocked.shares tumbled more than 20% on Wednesday as the White House is reportedly preparing to block the company's planned sale to Japan'sVice President Kamala Harris, the Democratic presidential nominee, said U.S. Steel"should remain American-owned and American-operated" during a campaign event in Pittsburgh Monday.
The deal has been under review by the Committee on Foreign Investment, a body that reviews the potential impact of foreign investment in the U.S. on national security.The bipartisan opposition to U.S. Steel's acquisition by Nippon demonstrates a rising tide of protectionism even toward a company that is based in a close U.S. ally such as Japan.
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