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US Steel Stock Price Volatile as Biden Reportedly Prepares To Block Takeover
XU. S. Steel(X) Investopedia·2024-09-05 16:37

Key TakeawaysPresident Biden reportedly is planning to block the proposed 14billionacquisitionofU.S.SteelbyNipponSteelinJapan.ThedealhasbeeninvestigatedbytheCommitteeonForeignInvestmentintheUnitedStates(CFIUS) fornationalsecurityconcerns.U.S.Steel′sCEOwarnedthatplantswillcloseifthedealcollapses.PresidentJoeBidenintendstoblocktheproposed14 billion acquisition of U.S. Steel by Nippon Steel in Japan.The deal has been investigated by the Committee on Foreign Investment in the United States (CFIUS) for national security concerns.U.S. Steel's CEO warned that plants will close if the deal collapses. President Joe Biden intends to block the proposed 14 billion acquisition of U.S. Steel (X) by Japanese firm Nippon Steel, according to a Washington Post report, causing volat ...