Brigg Macadam LTD founding partner Greg Swenson reacts to Biden blocking Nippon from taking over U.S. steel and shares his 'positive' market outlook for 2025.
President Joe Biden blocked the $14 billion takeover of US Steel by a Japanese rival. The deal would create "risk for our national security and our critical supply chains," the president said.
President Joe Biden has blocked the sale of United States Steel Corp. to Nippon Steel. The deal would haven been worth $14.1 billion.
President Joe Biden has officially killed the contentious sale of U.S. Steel to its Japanese rival Nippon Steel, striking down a $14.9 billion deal announced in 2023 and propelling shares of the American metal company downward.
The Committee on Foreign Investment in the United States (CFIUS) spent months reviewing the deal for national security risks but referred the decision to Biden in December, after failing to reach a consensus.
U.S. President Joe Biden is likely to announce a decision as soon as Friday on whether he will approve Japan's Nippon Steel's acquisition of U.S. Steel , CBS News reported late on Thursday, citing people familiar with the process.
U.S. Steel (X) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
A dramatic improvement in the prospects for United States Steel (X 9.54%) 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 Heritage Foundation research fellow Joel Griffith discusses reviving the steel industry on 'The Bottom Line.'
Nippon Steel's proposed $12.3 billion acquisition of US Steel moved a step closer to being blocked after a US national security panel deadlocked on its review and left the final decision with President Joe Biden, who has repeatedly indicated his opposition to the deal. Bloomberg's John Harney joins Bloomberg's Vonnie Quinn and Sonali Basak to discuss on "Bloomberg Markets.
A committee charged with judge National security concerns from foreign investment couldn't decide if Japan was a friend or foe.
Never turn down capital when it's offered to you. The previous axiom is easily as old as business.