U.S. Steel shares plunged on Wednesday as Wall Street questioned whether its $14.1 billion deal with Japan's Nippon Steel is at risk of derailing.Shares of U.S. Steel plunged as much as 25% in afternoon trading and were briefly halted after the Washington Post reported President Joe Biden is preparing to formally block the proposed acquisition. As of 3:10 p.m., shares of U.S. Steel were down $6.50, or 18%, to $29.10.
, which is chaired by the Treasury secretary. is reviewing the deal for potential national security concerns, and could advise against the merger. The Justice Department is also looking into possible antitrust issues. ' hasn't transmitted a recommendation to the President, and that's the next step in this process,' a White House official stated.U.S. Steel, the country's third-biggest steel maker, is working to salvage its proposed takeover by Nippon Steel, opposed for months by Mr. Biden as well as more recently by both major candidates vying to replace him. The merger is also opposed by the United Steelworkers union, Pennsylvania Governor Josh Shapiro and both of the state's senators.
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