US Steel closes sharply on report Biden set to block merger with Nippon Steel
Trending Articles- Iranian military drones targeted US Fifth Fleet in Bahrain in response to southern US strikes
- Gold plummets below $4,200 as US‑Iran tensions spur hawkish rate bets ahead of US CPI
- Gold declines below $4,500 on stalled US-Iran ceasefire talks, US NFP data looms
- SpaceX Listing Imminent. Funds Flood Into SpaceX On-Chain Tokens, Bitcoin Rebound Momentum May Be Weakened
- US May CPI Preview: Rising Inflation May Push Up Fed Rate Hike Expectations, How Will US Stocks, Dollar, Gold React?
- Gold Drops Below $4,300 Erasing Year-to-Date Gains. This Week’s CPI May Ignite Rate Hike Expectations Will Gold Still Rise in 2026?
Investing.com -- US Steel plunged on Wednesday after the Washington Post reported, citing unnamed sources, that President Joe Biden is set to block the U.S. steel maker's $14.9B merger with Japan's Nippon Steel amid national security concerns.
United States Steel (NYSE:X) Corp (BVMF:USSX34) closed 17% lower on Wednesday.
A White House official declined to comment to the Washington Post's request for comment, but said in a statement that Committee on Foreign Investment in the United States had not yet transmitted its recommendation to the president.
Nippon Steel argued that the merger, which would create the third-largest steel company in the world, would help the U.S. steel maker better compete with its Chinese rivals.
Nippon Steel had attempted to smooth over concerns about its takeover of United States Steel, saying on Wednesday that it keep the U.S. company headquartered in Pittsburgh, Pennsylvania, and pledged to board of directors made of mainly of U.S. citizens.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
