US Steel and Nippon Steel both indicated in statements that they’re open to legal fights to get the deal approved, no matter what actions is announced by Biden.
Shares of US Steel (X) closed down 17.5% on the news at $29.37, well below the $55 a share that Nippon Steel agreed to pay for the stock back in December when the deal was announced.
US Steel said the future of this and other union-represented plants at the company are at risk unless it gets approval to be purchased by Nippon Steel.
US Steel says it has more than 3,000 employees in the state in its remaining steel mills along the Monongahela River just outside of Pittsburgh.
The union says it doesn’t believe in the promises made by Nippon Steel so far and that it remains opposed to the purchase.
Persons:
Joe Biden, Biden, “, Biden’s, Kamala Harris, Donald Trump, JD Vance, Harris, David Burritt’s “, Gene J, Philip Gibbs, ” Gibbs, ”, Gibbs, “ You’re, you’re, CFIUS, Michael Leiter, Skadden’s CFIUS, ” – CNN’s Matt Egan
Organizations:
Washington DC CNN, Nippon, US Steel, White, Foreign Investment, White House, Treasury, Steel, Nippon Steel, “ Nippon Steel, Washington Post, Labor, United Steelworkers, Justice, KeyBanc, CNN, steelworkers, “ Nippon, National Security
Locations:
United States, Japan, American, Pittsburgh, shoring, Gary , Indiana, “, Clairton , Pennsylvania, Pennsylvania, Monongahela, America