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U.S. Steel shares plummet amid questions over the fate of its merger with Nippon Steel
U.S. Steel shares plunged on Wednesday as Wall Street questioned whether its $14.1 billion deal with Japan’s Nippon Steel is at risk of derailing.
Shares of U.S. Steel plunged as much as 25% in afternoon trading after the Washington Post reported President Joe Biden is preparing to formally block the proposed acquisition. As of 2:35 p.m., shares of U.S. Steel were down $7.12, or 20%, to $28.48.
At an afternoon briefing, a White House official downplayed the Washington Post report, which cited three people familiar with the president’s plans. In a statement, the White House cited a process of review by the Committee on Foreign Investments in the United States, or CFIUS, a panel chaired by the Treasury Secretary.
“CFIUS hasn’t transmitted a recommendation to the President, and that’s the next step in this process,” a White House official stated.
—This is a developing story and will be updated.
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Oklahoma City police officer charged for slamming elderly man to the ground, breaking his neck
Prosecutors charged an Oklahoma City police officer with felony assault on Thursday after he slammed a 71-year-old man to the ground, breaking his neck, following an argument over a traffic ticket.
Sgt. Joseph Gibson, 28, was charged in Oklahoma County with one count of aggravated assault and battery in connection with the Oct. 27 dispute. Body-worn camera video released by police shows Gibson throwing Lich Vu to the ground after Vu touched Gibson during an argument following a non-injury traffic accident.
“We evaluate the law and the facts in each individual case, and in this particular case determined the officer’s actions were an unreasonable use of force,” Oklahoma County District Attorney Vicki Zemp Behenna said in a statement.
Vu suffered a brain bleed, a broken neck and eye socket and remains hospitalized, prosecutors said.
As CBS affiliate KWTV reported, nearby surveillance video, also released by police, revealed graphic views of Vu’s head hitting the concrete during the takedown arrest.
Oklahoma City Police Capt. Valerie Littlejohn declined to comment on the charge and referred to a statement the department released in October, indicating Gibson was placed on administrative leave while his actions were being investigated.
“We want our community to know that this case is being thoroughly investigated, and the review process will take time to complete,” according to the statement, which was also released in Vietnamese.
The use of force prompted outrage in Oklahoma City’s Vietnamese community, particularly since the video shows Vu had difficulty communicating with Gibson during the interaction and appeared not to understand what the officer was telling him.
“This is the first step, but we can’t replace the hurt. It can’t replace the trauma. It can’t replace a lot of things they’re experiencing,” said Thuan Nguyen, president-elect of the Vietnamese American Community of Oklahoma. “The DA did the right thing in charging him.”
Vu’s family said the hospital discharged Vu last week, but he’s still experiencing confusion and headaches, KWTV reported.
“He’s not in the state that he was in before the accident,” Nguyen said, adding that Vu has been unable to continue cancer treatment due to his injuries.
Oklahoma City Fraternal Order of Police President Mark Nelson said the organization is sympathetic to Vu and recognizes the severity of his injuries but expressed concern about the impact the charges will have on officers in the field.
“It is very disappointing to see a police officer face felony charges for actions taken in good faith while serving in the line of duty,” Nelson said in a statement. “Sgt. Gibson followed his de-escalation training and protocol when assaulted.”
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