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

09/04/2024

Less than a minute

2024.09.04 15:29

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.

© Reuters. 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

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.

09/04/2024

Less than a minute

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