One of US Steel's rivals has entered the fight over the steelmaker's sale. US Steel threatened to close its mills if Biden blocks its sale to Japan's Nippon Steel.
The average target for the stock price among analysts tracked by FactSet is about $42, while shares were at about $30 on Friday morning.
Japanese companies, especially those considering investing in the U.S., are closely watching Washington's review of Nippon Steel's proposed $15 billion acquisition of U.S. Steel , Japan's biggest business lobby Keidanren said on Friday.
The White House is reportedly preparing to block U.S. Steel's proposed acquisition by Nippon Steel. The U.S. government has the power to block transactions involving foreign buyers if national security issues are identified.
The US government is reportedly considering blocking Japan's Nippon Steel Corp (TYO: 5401) from acquiring United States Steel Corporation (NYSE: X) for $14.1 billion, citing national security concerns. However, no clear public evidence supports this claim, according to Matthew Slaughter, Dean of Dartmouth's Tuck School of Business.
President Joe Biden intends to block the proposed $14 billion acquisition of U.S. Steel (X) by Japanese firm Nippon Steel, according to a Washington Post report, causing volatility in shares of the iconic American company.
24/7 Wall St. Insights If Nippon Steel does not acquire United States Steel Corp.
The Committee on Foreign Investment in the United States is expected to raise national security concerns about selling the iconic steel producer to Japan's Nippon Steel.
President Joe Biden will soon block Japan-based Nippon Steel's planned $14.9 billion takeover of U.S. Steel, according to multiple outlets, sending the 123-year-old American company's stock reeling more than 20% to a low not seen since last year.
U.S. President Joe Biden is preparing to block Nippon Steel's acquisition of U.S. Steel, the Washington Post reported on Wednesday, citing three unnamed sources.
The CEO of U.S. Steel (X) warned that the company would have to close steel plants and likely move its headquarters from Pittsburgh if the $14.9 billion purchase of the company by Nippon Steel doesn't go through.
CEO David Burritt said US Steel is banking on a $3 billion investment from Nippon to survive.