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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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Federal judge temporarily blocks Kroger-Albertsons merger
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Trump considering Kimberly Guilfoyle for ambassador to Greece, three sources say
President-elect Donald Trump is considering nominating Kimberly Guilfoyle to be U.S. ambassador to Greece, three sources familiar with the selection confirmed to CBS News. Guilfoyle, a former Fox News host-turned-political fundraiser, was dating Trump’s eldest son, Donald Trump Jr.
The transition team declined comment. Guilfoyle’s nomination would require Senate confirmation.
Guilfoyle, 55, appeared on stage with the Trump family on election night. She traveled the country to raise money for Trump’s presidential campaign and spoke at the Republican convention in July.
“In our vision, America will combat foreign aggressors and ensure our service members are protected, not abandoned, as they carry out their dangerous missions abroad, because we know we can only have peace through strength,” she said in the speech.
Guilfoyle, a lawyer by training, served as a prosecutor in California early in her career before turning to television. She is divorced from California Gov. Gavin Newsom.
Trump has a history of naming family members and people with close personal ties to key positions. He has chosen Charles Kushner, his son-in-law’s father, to serve as ambassador to France, and has tapped the father-in-law of daughter Tiffany Trump to be a Middle East adviser.
Trump’s eldest daughter, Ivanka, and her husband Jared Kusher, were senior White House officials during Trump’s first term.
contributed to this report.