U.S. Steel faces murky future after proposed takeover by Nippon Steel is blocked
U.S. Steel has warned that without an infusion of capital from Nippon Steel, it will be forced to curtail its legacy blast furnace investments and shift to cheaper nonunion electric arc furnaces. Additionally, it would move its headquarters out of Pittsburgh.
Biden blocks US Steel takeover by Japan-based Nippon
President Joe Biden on Friday announced a decision to block the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, saying domestically produced steel is essential to U.S. national security. "Without domestic steel production and domestic steel workers, our nation is less strong and less secure," Biden said in a statement.
President Biden is on the clock, needing to decide by Tuesday whether or not to stop Nippon Steel from buying U.S.
Nippon Steel has extended the closing period for its $15 billion purchase of U.S. Steel. In a statement Thursday, the Japanese company said the "acquisition of U.S. Steel is still under review ...
KASHIMA--The signs at Nippon Steel read: “The world through steel,” underlining why Japan’s top steelmaker is pursuing its $15 billion bid to acquire U.S. Steel. “We can’t expect demand ...
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