Reported 3 days ago
President Joe Biden has blocked US Steel's proposed $14 billion sale to Japan's Nippon Steel due to national security concerns, leading to a decline in US Steel's stock and potential legal action from both companies. Biden stated that foreign control of a major American steel producer could jeopardize national security and supply chains, a decision backed by the United Steelworkers union. The acquisition was under review by the Committee on Foreign Investment in the U.S. for months, but Biden's directive requires the companies to drop the deal within 30 days unless extended by CFIUS.
Source: YAHOO