US Steel closes sharply on report Biden set to block merger with Nippon Steel
Trending Articles- Markets in 2026: Will gold, Bitcoin, and the U.S. dollar make history again? — These are how leading institutions think
- After Upheaval in the World’s Largest Oil Reserve Holder, Who Will Emerge as the Biggest Winner in Venezuela’s Oil Market?
- U.S. to freeze and take control of Venezuela's Bitcoin holdings after Maduro capture
- Silver Price Forecast: XAG/USD bulls look to build on momentum beyond $79.00
- Trump’s Tariff Ruling Lands Today: Market to Rise or Fall — The Decision Will Tell
- Gold Price Forecast: XAU/USD declines to near $4,450 as safe-haven demand eases
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.
