Biden Poised to Block $15 Billion Sale of US Steel to Nippon Steel

Dec 11, 2024

President Biden is expected to block the $15 billion sale of US Steel (X, Financial) to Japan's Nippon Steel, citing national security concerns. The decision may lead to legal action from both companies. Following the news, US Steel's stock fell 9.68%, with an intraday drop of 22%. A US Steel spokesperson emphasized the deal's merits, while Nippon Steel expressed confidence in the US legal system and its commitment to maintaining US operations.

The Committee on Foreign Investment in the United States (CFIUS) has been reviewing the deal and must submit its findings to Biden by late December. The proposed acquisition, announced last December, has faced opposition from the Biden administration, labor unions, and former President Trump, due to concerns over foreign ownership of a critical industry.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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