U.S. Steel’s Mon Valley plant’s Clayton Works and Clayton Coke Plant in Clayton, Pa., on Monday, Sept. 11, 2023.
Thomas O’Neill | Noor Photos | Getty Images
United States Steel Corporation The company’s shares fell more than 20% on Wednesday after reports that the White House was preparing to block the company’s planned sale to Japan’s Nippon Steel Corp.
insiders told the Washington Post President Joe Biden is preparing to announce that he will block the $14.9 billion deal.
Democratic presidential candidate and Vice President Kamala Harris said at a campaign event in Pittsburgh on Monday that U.S. Steel “should continue to be owned and operated by the United States.” Republican presidential candidate and former President Trump also opposed the deal.
U.S. Steel CEO David Burritt told The Wall Street Journal on Wednesday If the deal blocks, the company could be forced to close factories and move its headquarters from Pittsburgh. Burritt told the Wall Street Journal that the deal is critical to maintaining the competitiveness of U.S. Steel’s older plants and maintaining jobs.
The deal has been reviewed by the Committee on Foreign Investment in the United States, the agency responsible for reviewing the potential impact of foreign investments on U.S. national security.
This is breaking news. Please refresh for updates.
About The Author
