Official announcement from the White House or CFIUS

Biden to Block Nippon Steel's $14.1 Billion U.S. Steel Deal; Shares Drop 18%

Dec 10, 2024, 09:24 PM

President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corporation to Japan's Nippon Steel on national security grounds, according to sources familiar with the matter. The decision is expected to be made later this month after the Committee on Foreign Investment in the United States (CFIUS), which has been reviewing the deal for months, refers the matter to him. U.S. Steel shares extended their decline to 18% after the news, with trading halted after falling 8.8%. Nippon Steel responded by stating that it is not appropriate for politics to outweigh true national security interests. Both companies are likely to pursue litigation if the deal is blocked.