U.S. Steel Corp. shares fell 7% in Tuesday's pre-market trading session after President-elect Donald Trump pledged to block Nippon Steel's plans to acquire the 123-year-old Pittsburgh-headquartered company.
President-elect Trump said he would use a series of tax incentives and tariffs to block Nippon Steel's planned purchase of American manufacturing firm U.S. Steel.
U.S. President-elect Donald Trump has pledged to block Japanese company Nippon Steel's planned purchase of U.S. Steel. "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump said in a post to his social media platform Truth Social on Monday night E.T.
Nippon Steel will not import steel to the U.S. from its international mills, the Japanese company's Executive Vice President Takahiro Mori said on Monday in a letter to United Steelworkers union members.
Republican presidential candidate Donald Trump will on Sunday reiterate a pledge that if elected, he will block Nippon Steel's planned purchase of U.S. Steel , according to an advance excerpt of his speech to a Pennsylvania rally.
U.S. President Joe Biden on Friday said he had not changed his mind about Nippon Steel's $14.9 billion bid for U.S. Steel despite the extension of a national security review of the proposed tie-up.
Nippon Steel's bid to buy U.S. Steel was given the green light by an arbitration board tasked with reviewing the United Steelworkers union's complaints with the transaction.
U.S. Steel said on Wednesday the board of arbitration, jointly selected by the steelmaker and the United Steelworkers union, has ruled in favor of Nippon Steel's $14.9 billion buyout deal.
U.S. Steel CEO David Burritt defends sale to Nippon.
U.S. Steel CEO David Burritt said the company "won't be able to succeed without Nippon." President Joe Biden has vowed that U.S. Steel will remain American-owned.
U.S. Steel CEO David Burritt joins 'Money Movers' to discuss the company's growth strategy, a possible merger with Nippon, and more.
Nippon Steel Vice Chairman Takahiro Mori said on Tuesday the Japanese company remains committed to talks with the United Steelworkers (USW) over its bid to acquire U.S. Steel.