Shares for the United States Steel Corporation fell as President Joe Biden is reportedly planning to block Japan’s Nippon Steel Corporation from purchasing the company.
U.S. Steel was reported to have finished the day with its shares down 17.5 percent, according to the Washington Post.
This comes as three people close to the matter spoke to the outlet “on the condition of anonymity” and revealed that Biden is planning to block a nearly $15 billion deal, selling U.S. Steel to the Japanese company.
The outlet reported that the “acquisition has been under investigation by the interagency Committee on Foreign Investment in the United States (CFIUS) for potential national security implications”:
The acquisition has been under investigation by the interagency Committe on Foreign Investment in the United States (CFIUS) for potential national security implications. A White House official declined to comment but said in a statement that CFIUS had not yet transmitted its recommendatoin to the president. Under the law, the president can block a private transaction only after receiving the panel’s final report. […]
— Read More: www.breitbart.com
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