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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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Transcript: House Intelligence Committee chairman Rep. Mike Turner on “Face the Nation with Margaret Brennan,” Dec. 8, 2024
The following is a transcript of an interview with Rep. Mike Turner, Republican of Ohio, on “Face the Nation with Margaret Brennan” that aired on Dec. 8, 2024.
MARGARET BRENNAN: We’re joined now by the Chairman of the House Intelligence Committee, Ohio, Congressman Mike Turner. Just a stunning turn of events within such a short period of time. The US doesn’t have a diplomatic presence inside of Syria. Our visibility is a little limited here. What is it that you think Americans need to know about this turn of events?
REP. MIKE TURNER: Margaret, that was an excellent report, because you certainly laid the groundwork of this has been an incredibly brutal civil war with hundreds of thousandss of people dying, including the use of chemical weapons. And of course, reminding people that the Obama administration had said this would be a red line, that we would use military force to stop the use of chemical weapons, then failing to do so. This is a Islamic militia that has risen up and has continued and now is successfully toppling the Assad regime. As your report indicated, it’s al Qaeda in its origins, but it opposes ISIS. It is Turkish-backed. This is a blow to Iran, a blow to Russia. We’re seeing what is likely a disintegration in Syria. The big questions will be, what does this mean for the US? What does it mean for Iran, Russia, the neighbors of Israel and Jordan, which are strong allies of the United States?
MARGARET BRENNAN: So you mentioned there, and we showed the picture of Abu Muhammad al-Jolani. He is the leader of Hayat Tahrir al-Sham, people call HTS. You’re going to hear a lot about that in the coming days and weeks, the rebel group that appears to be taking control. But they are working also with the Prime Minister. The United States government has a ten million bounty on the head of Jolani. Do you think the United States still should keep that? Should Americans be concerned that this will mean something in terms of impact for terror threats to the United States.
REP. TURNER: This is a terrorist organization and group, but this is not going to be just a passing of power and authority. It could be. We’ll have to, obviously, watch that. You know, one of the things that we do see here, though, is this is a diplomatic failure with respect to the United States and Turkey. You know, the U.S. has troops in Syria. This is on the border of Turkey. Turkey is a NATO ally. The United States is working with the Kurds. This really could have been an opportunity for the United States to work to try to resolve the issue between the Kurds, Turkey and the United States and working with Turkish interests in Syria. Hopefully this could be an opportunity where there could be a diplomatic support there that hopefully could have- help in this transition in Syria.
MARGARET BRENNAN: There are 900 US troops in Syria in the South. Donald Trump in 2019 pulled US troops out of northern Syria, abandoning our allies there. Do you believe he will stand by the 900 US troops that remain there? Or should he consider pulling them out when he takes office?
REP. TURNER: Well I think, you know, one of the things that Donald Trump will make clear is, is that any any threat to us, troops will be unbelievably responded to. So everyone should understand, absolutely, the United States troops are to be secure. The second thing is, is he does absolutely support the Kurds and that he’s going to look for a diplomatic solution. I think there will be an assessment as to whether or not those troops should remain. But it’s, you know, I think here there is an opportunity for the parties, especially now that Iran and Russia’s roles are going to be domin- diminished. They have been brutal in their support with Assad, the hundreds of thousands of people, including use of chemical weapons that have been killed, have been under the Russian influence there. Russia still has two bases, a naval and air force base there that are going to be, you know, both at risk for Russia, but also a risk to the population of Syria because they could- they have been used before to attack the Syrian population. We’ll have to see what Russia does there. But this is going to be an area that’s going to be highly volatile and in transition.
MARGARET BRENNAN: And no idea where Bashar Al Assad might have fled to?
REP. TURNER: No, not at this time.
MARGARET BRENNAN: I want to ask you, since we’re talking about the incoming administration, Donald Trump has chosen Tulsi Gabbard, the former Congresswoman, a former Democrat, now Republican, to be the Director of National Intelligence, overseeing 18 intelligence agencies. She not only went and met with Assad, she publicly doubted high confidence assessments by U.S. intelligence that he did what we showed you pictures of him doing, using chemical weapons there. Do you trust that she could actually represent the intelligence community, lead it and be trusted to brief the Commander in Chief?
REP. TURNER: Well, I obviously differ in a great deal in a number of areas with both her judgment and and her background and experience, but what I do trust is the–
MARGARET BRENNAN: –You’re smiling when you’re saying this–
REP. TURNER: The Senate is the Senate process, and I think this- the senators are going to put her through a process. She has been nominated. She will go through the process, and I think there will be significant debate and evaluation. I think–
MARGARET BRENNAN: –You don’t think she’ll be confirmed?–
REP. TURNER: –that Donald Trump has put together in his last term, and I think he will in this term, a great national security team. I think CIA director, Radcliffe, I think Mike Waltz as National Security Director, are both great examples of people who are going to be foundational. I think you’re going to see a great national security team.
MARGARET BRENNAN: Well, this is a community that you also have oversight of, so you may not vote in the Senate, but it sounds like she doesn’t have your confidence. What about Pete Hegseth to run the Pentagon at a time of global instability?
REP. TURNER: Yeah, I think the Chairman of the Armed Services in the Senate made a great statement. He said, we certainly support the process, and he has his support going through the process, and we’ll have to see how that goes through. One thing that is absolutely clear is that the Pentagon needs reformed. We are not keeping pace with what Russia and China are doing in advanced weapon systems. At the same time, we’re seeing the weapon systems of advanced technology that are being utilized on the battlefield of Ukraine, and our acquisition systems and our accounting systems, our spending systems are not working at the Pentagon–
MARGARET BRENNAN: -That requires experience–
REP TURNER: –We need reform. We need reform. Someone has to be able to lead that, and that’s going to be the debate in the Senate.
MARGARET BRENNAN: I love when I ask Congresspeople, and they just keep reminding me that they don’t sit in the Senate and don’t want to comment. I sense some some uncertainty there on your part, but I don’t want to put words in your mouth. I want to ask you though about what is ticking down in Congress right now, and that is something there’s a scramble at the end of this year to get a bunch of work done. Your Democratic colleague in the Senate, Mark Warner, said “it is an urgent priority to address cybersecurity gaps in these final weeks.” Is it a priority for you to do something because of this massive breach by China, of U.S. Telecom?
REP. TURNER: You know, one thing that’s- it’s very disappointing, and we’ve seen from this administration, this this malaise of this stasis of where they’re unable to move as a result of the president unable to make a decision. Here we have this massive breach, this hack that has occurred from China, but we’re hearing nothing from the president himself, no action from this administration as to what their- what consequences that will be. This is not- doesn’t need just a technological fix. This needs also a diplomatic fix, a nation to nation, consequences to China–
MARGARET BRENNAN: –What would consequences look like?
REP. TURNER: Now in the Obama administration, in the Obama administration, China hacked the personnel management system of the US government, and there were no consequences, and now we’re seeing China hack the entire system of the nation. There needs to be consequences. They can be economic. They can be in a number of ways. But right now we have zero, we have nothing coming out of the administration. What need to be talking about is not technologically how do we fix this? But how do we address, which is what Donald Trump is doing, is coming in and saying China is our most, gravest threat. How do we address the fact that China is aggressively attacking the United States, and they’re doing that in our telecom?
MARGARET BRENNAN: Question for the incoming administration to pick that up. Thank you, Chair Turner. “Face the Nation” will be back in a minute. Stay with us.
CBS News
10 injured after motorcycle veers into crowd at Palm Springs Festival of Lights Parade
Ten people were injured when a police officer crashed their motorcycle into the crowd lining the streets of the Palm Springs Festival of Lights Parade on Saturday evening.
It happened a little after 6 p.m. when the Palm Springs Police Department officer was riding along the parade route at Palm Canyon Drive and Amado Road, according to a statement from the city of Palm Springs.
All ten of the injured people, which included the officer, suffered non-life-threatening injuries, they said. They were all taken to nearby hospitals for treatment.
“We appreciate the community’s support and our thoughts are with the officer, his family and all of those injured today,” the city’s statement said.
After about an hour, the parade continued.
“By now most of our community knows one of our traffic motors had an accident on his motorcycle and unfortunately several citizens and our officer were injured. I feel terrible about the accident and injuries to the very people we protect. I am deeply concerned and hope for a thorough recovery,” said Palm Springs Chief of Police Andy Mills in a statement. “As Chief of Police, I am responsible for this department and the men and women who serve. After we conduct our investigations I will report back to the community. Again, I am truly sorry.”
The California Highway Patrol is investigating the incident.
“We appreciate the community’s support and our thoughts are with the officer, his family and all of those injured today,” the city’s statement said.
Anyone with more information on the crash, including videos and images of the event, is asked to email PSCityGovernmentMedia@palmsprings.ca.gov.
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Open: This is “Face the Nation with Margaret Brennan,” Dec. 8, 2024
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