US Steel's proposed $14.9 billion merger with Nippon Steel

The White House is set to announce that President Joe Biden will block Nippon Steel's $14.9 billion bid for the U.S. Steel citing national security concerns, two sources familiar with the situation told Reuters.

Nippon Steel agreed to acquire U.S. Steel last year, but has faced resistance since then from both an assertive labor union and the White House. Here's a timeline of events leading up to the deal between the two steelmakers and the growing bipartisan political opposition:2023 after receiving unsolicited bids, rangingAug. 13, U.S. Steel rejects a $7.3-billion offer fromAug. 14, The United Steelworkers union supportsAug. 14, Shares of U.S. Steel rise after privatelyAug. 16, ArcelorMittal, the world's second-largestAug. 17, U.S. Senator J.D. Vance asks U.S.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nippon Steel to make additional investment in US Steel's millsTOKYO : Japan's biggest steelmaker Nippon Steel said on Thursday it plans to make an additional investment of about $1.3 billion in U.S. Steel's two mills as part of its pending acquisition of the U.S. company.The spending is on top of the $1.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Nippon Steel shares up after news of US looking to block peer's acquisitionTOKYO : Shares of Nippon Steel climbed on Thursday, outperforming the wider Nikkei index, after the news that the White House was looking to block the company's $15 billion bid for its peer U.S. Steel. Sources told Reuters on Wednesday U.S.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »