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
Trump outlines more plans for second term in White House
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
Syrians return home after HTS rebels take over, Assad flees
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
Protests in South Korea calling for impeachment of Yoon Suk Yeol
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.