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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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Situation in Gaza remains dire as ceasefire between Israel and Hezbollah holds
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Biden calls Assad’s fall “historic moment of opportunity”
Washington — President Biden on Sunday called the fall of Syrian leader Bashar Assad a “historic moment of opportunity,” and he pledged to support the country and its neighbors against any threats.
“At long last, the Assad regime has fallen,” Mr. Biden said at the White House, hours after opposition forces entered Damascus and took control of the country.
Mr. Biden pledged to work alongside partners and stakeholders in Syria to “help them seize an opportunity to manage the risk.” The president also said he’ll send senior officials to the region, help to ensure stability and protect U.S. personnel and will engage with Syrian groups to “establish a transition away from the Assad regime” and toward an independent and sovereign Syria.
Mr. Biden says the administration is “clear eyed” about the possibility that ISIS may try to gain control amid a power vacuum, but he said that “we will not let that happen.” He noted that the U.S. conducted precision airstrikes within Syria targeting ISIS camps and operatives.
“Some of the rebel groups that took down Assad have their own grim record of terrorism and human right abuses,” the president said, adding that the U.S. would assess their actions going forward.
He called on opposition groups to “seek a role in governing Syria” and demonstrate their commitment to Syria’s people, the rule of law and protection of minorities.
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12/8: Face the Nation – CBS News
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