Biden to Block Nippon Steel's $14.9B Acquisition of U.S. Steel, Shares Down 18%

Sep 4, 2024, 05:51 PM

President Joe Biden is preparing to formally block Nippon Steel's $14.9 billion acquisition of U.S. Steel, according to reports from the Washington Post citing unnamed sources. This decision comes after the Biden administration concluded that the transaction posed a national security risk that could not be mitigated. U.S. Steel shares ($X) have experienced significant volatility, being halted multiple times and currently down 18%. The move is expected to impact relations with Japan.