Reported 3 days ago
President Joe Biden has blocked Nippon Steel's proposed acquisition of United States Steel for $14.9 billion, citing national security issues. Analyst Josh Spoores calls the decision 'odd,' arguing it is surprising given US Steel's smaller market position and Nippon Steel's technological capabilities and willingness to invest in the U.S. The block could lead to job losses at US Steel, which is facing capacity challenges, though Spoores suggests this issue may be reconsidered under a future administration.
Source: YAHOO