CBS News
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.
CBS News
Could Kari Lake become Trump’s ambassador to Mexico?
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
Lawmakers race to avert government shutdown with deadline nearing
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
How mass deportations could devastate the U.S. economy
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.