Biden Halts $14.9 Billion U.S. Steel Sale to Nippon Steel, Shares Drop - PRESS AI WORLD
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Biden Halts $14.9 Billion U.S. Steel Sale to Nippon Steel, Shares Drop

share-iconFriday, January 03 comment-icon2 weeks ago 6 views
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forbesFORBES
Biden Halts $14.9 Billion U.S. Steel Sale to Nippon Steel, Shares Drop

Credited from: FORBES

  • President Joe Biden has blocked a $14.9 billion sale of U.S. Steel to Nippon Steel, affecting stock prices.
  • Biden emphasized the need to protect American steelworkers and national security in his announcement.
  • Following the news, shares of U.S. Steel dropped 8% in premarket trading, significantly lower than the agreed acquisition price.
  • The President expressed his duty to prevent foreign ownership of essential American companies, citing risks to national security.
  • U.S. Steel, founded in 1901, has historically been a key player in the American economy despite recent challenges.

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