Biden preparing to block Nippon's US Steel takeover, source says

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/30/2026

1. WDAY
2. ESTC
3. MRVL
4. AFRM
5. RBRK
6. S
7. ULTA
8. NVDA
9. GAP
10. DG

September 4, 2024 1:52 PM EDT

FILE PHOTO: An aerial view shows Nippon Steel East Nippon Works Kimitsu Area in Kimitsu, east of Tokyo, Japan in this photo taken by Kyodo November 7, 2023. Mandatory credit Kyodo/via REUTERS/File Photo

By Jeff Mason

WASHINGTON (Reuters) -U.S. President Joe Biden is preparing to block Nippon Steel's acquisition of U.S. Steel, a source said on Wednesday.

The move by Biden would deal a blow to the proposed $14.9 billion deal.

The president has previously expressed concern over Nippon's deal to buy the 122-year-old iconic U.S. steelmaker.

U.S. Steel warned earlier on Wednesday that a failure to merge with Nippon Steel would put thousands of U.S. union jobs at risk.

(Reporting by Jeff Mason; writing by Jasper Ward; editing by Rami Ayyub)


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Reuters

Related Entities

Definitive Agreement