US President Joe Biden plans to express concern over Nippon Steel’s proposed US$14.9 billion purchase of US Steel, a person familiar with the matter said on Wednesday, pushing the US company’s stock nearly 13 per cent lower on bets the deal could face greater political opposition.
The issue has the potential to overshadow an April 10 summit between Biden and Japanese Prime Minister Fumio Kishida aimed at boosting the long-standing security alliance between their countries in the face of growing Chinese strength
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