President Joe Biden blocked the $15 billion acquisition of U.S. Steel by Japan's Nippon Steel on Friday — something he had first vowed to do in March. His decision comes after the Committee on Foreign Investment in the United States,
A dramatic improvement in the prospects for United States Steel (NYSE: X) being sold to a foreign buyer led to a rally in the stock on the last trading day of the year. The storied industrial stock closed Tuesday nearly 10% higher in price on the back of the news.
The president said he was moving to protect national security in deciding the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year.
Nippon Steel said it wouldn't be deterred by Biden’s decision last week to block its $15 billion bid for the storied U.S. steelmaker.
United States Steel’s earnings and margins decline in 2024. Learn why X stock is slightly overvalued at $30, with a fair value of $25 per share.
When Nippon Steel's winning $55-a-share cash bid for United States Steel Corp. was announced Dec. 18, 2023, both companies expected to close on the deal in the second or third quarter of 2024.
The companies argued in a lawsuit announced on Monday that Biden violated the Constitution by blocking the merger via a sham national security review that deprived the companies of their right to a fair process.
Japan-based Nippon Steel's $14.9 billion deal for its U.S. peer hangs in the balance, following objections from the Treasury Department's Committee on Foreign Investment in the United States (CFIUS).
Prime Minister Justin Trudeau says that incoming U.S. president Donald Trump is trying to distract from how costly his tariffs will be for American consumers by talking about making Canada the 51st state.
While a future United States Navy warship probably won't prominently feature a stamp that says "Made in South Korea"—or perhaps even "Made in Japan"—such notions aren't really all that farfetched. Future warships could be made in foreign ports,
Let’s have faith that Trump will reject the Biden administration’s politically motivated interference in the deal or get an even bigger, more spectacular one.