Reported 2 days ago
Nippon Steel Corp.'s shares fell on Monday following U.S. President Joe Biden's formal rejection of the company's planned $14.1 billion acquisition of U.S. Steel Corp., citing concerns over national security and foreign control of critical supply chains. Despite both companies stating there was no national security threat, they plan to challenge the decision. This outcome necessitates Nippon Steel to seek new investment opportunities outside the U.S. while adapting to an increasingly protectionist economic landscape.
Source: YAHOO