A water tower on the U.S. Steel Corp. Edgar Thomson Works metal mill in Braddock, Pennsylvania, on Sept. 4, 2024.
Justin Merriman | Bloomberg | Getty Images
President Joe Biden on Friday formally blocked U.S. Steel‘s $14.9 billion acquisition by Japan’s Nippon Steel, citing nationwide safety issues.
Biden mentioned the proposed acquisition by Nippon would place one of many largest metal producers within the U.S. underneath international management, making a danger for the nation’s important provide chains.
“Today’s motion displays my unflinching dedication to make the most of all authorities obtainable to me as President to defend U.S. nationwide safety, together with by making certain that American firms proceed to play a central position in sectors which can be important for our nationwide safety,” Biden mentioned in an announcement.
U.S. Steel’s inventory dropped by almost 8% in premarket buying and selling Friday following the president’s announcement.
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