Biden to raise concern over Nippon Steel's deal for U.S. Steel, source says
Source: Reuters
March 13, 20242:59 PM EDT
March 13 (Reuters) - U.S. President Joe Biden plans to express concern over Nippon Steel's (5401.T) proposed $14.9 billion purchase of U.S. Steel (X.N), a person familiar with the matter told Reuters, pushing the U.S. company's stock 12% lower on bets the deal could face greater political opposition.
In December, Nippon Steel clinched a deal to buy the 122-year-old iconic steelmaker for a hefty premium, betting that U.S. Steel will benefit from the spending and tax incentives in Biden's infrastructure bill.
However, several Democratic and Republican U.S. senators have criticized the deal, citing national security concerns or raising questions about why the two companies did not consult U.S. Steel's main union ahead of the announcement.
The White House said in December the deal needed to be carefully scrutinized given U.S. Steel's core role in producing a material that is critical to national security. It declined to comment on Wednesday.
Read more: https://www.reuters.com/world/us/biden-express-concern-over-nippon-steels-deal-us-steel-ft-reports-2024-03-13/
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