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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.
CBS News
Buffalo Bills rookie Ray Davis reflects on the brotherly bond that changed his life
Buffalo, New York — Buffalo Bills rookie running back Ray Davis took to the field on Dec. 1 at Highmark Stadium in Orchard Park, New York, and made a beeline for Patrick Dowley.
For the Bills’ Sunday Night Football tilt against the San Francisco 49ers, Davis wore a picture on his cleats paying tribute to the day he first met Dowley about 17 years ago.
“He looked right at me, and he pointed, and he said, ‘Are you Patrick?'” Dowley told CBS News of their first meeting. “I said, ‘Yes I am.’ And he’s like, “Man, you don’t even know how long I’ve been waiting to meet you.'”
In 2007, Davis was 8 years old and living in San Francisco’s Tenderloin district when he saw a flyer for the Big Brothers Big Sisters program.
At times in his youth, Davis was homeless. He says his parents were in and out of his life and he was craving stability. So he signed up for a Big Brother.
“I just needed love, man,” Davis said. “I needed consistency. I needed somebody who was going to be there to teach me right from wrong.”
And that person was Dowley.
“That will forever be my Big Brother,” Davis said.
They spent countless Sundays together. From those early Pop Warner football games, through Dowley’s wedding, Davis became like part of the family.
And although he has always been grateful, until this week, Davis hadn’t been in a position to fully show his gratitude quite like he was on Sunday, when the Bills honored Dowley in a pregame ceremony.
And then, for good measure, Davis even ran in a touchdown for his Big Brother in the Bills 35-10 win over the Niners. The cherry on top of all those Sundays.
“To all the people out there that have ever considered doing it, it’s not that difficult,” Dowley said of being a Big Brother or Big Sister. “Don’t overthink what it takes to make a difference in a kid’s life.”
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12/6: CBS News Weekender – CBS News
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Biden considers preemptive pardons for Trump critics
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