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U.S. Steel shares plummet amid questions over the fate of its merger with Nippon Steel

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Pittsburgh-area union members throw support behind Harris as she opposes sale of U.S. Steel


Pittsburgh-area union members throw support behind Harris as she opposes sale of U.S. Steel

02:45

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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Kroger’s $24.6 billion purchase of Albertsons halted by federal judge

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A federal judge on Tuesday blocked Kroger’s $24.6 billion acquisition of Albertsons, ruling that the proposed union would lessen competition for grocery shoppers.

The decision by an Oregon court found in favor of the Federal Trade Commission, which had argued the deal would violate antitrust law.

— This is a developing story.



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Is Hegseth making ground among senators after misconduct allegations?

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Is Hegseth making ground among senators after misconduct allegations? – CBS News


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Pete Hegseth continues to meet with lawmakers on Capitol Hill as he awaits a potential confirmation hearing to become secretary of defense. CBS News’ Scott MacFarlane reports.

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Trump jabs at Canada, Trudeau as tariffs threats continue

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Trump jabs at Canada, Trudeau as tariffs threats continue – CBS News


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President-elect Donald Trump says he looks forward to talking about tariffs with Canada’s Justin Trudeau as fears about rising costs in the U.S. grow. CBS MoneyWatch correspondent Kelly O’Grady reports.

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