Reported 3 days ago
President Joe Biden has blocked the $14.1 billion acquisition of United States Steel Corp. by Nippon Steel Corp., citing national security concerns and the need for strong domestic steel production. The decision, which has sparked political debate, came after a referral from a US security review panel. Both companies plan to challenge the ruling, arguing it is politically motivated and lacks credible evidence of a national security issue. This move marks a significant win for labor unions opposing the deal and raises uncertainty about the future of US Steel.
Source: YAHOO