US Steel drops as Biden set to block Nippon Steel deal

Quick Summary:

President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corp.to Nippon Steel Corp.on national security grounds once the deal is referred back to him later this month, people familiar with the matter said.

The company announced separately on Tuesday a plan to offer a $5,000 bonus to every US Steel worker if the takeover closes.

US Steel has said the deal represents a lifeline and warned it may move its headquarters out of Pennsylvania and shutter some operations if the merger collapses.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Josh Wingrove & Joe Deaux | Bloomberg

Category: BusinessStartups

Markets: PhilippinesJapanOmanUnited States

Topics: Process People Cfius Nippon Steel Biden Block President Company Sale Deal

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-11 @ 10:30:24 (1 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 663 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 24351917

View Article Analysis

About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 9 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 8 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

Publisher Details

Frequently Asked Questions