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...US Steel....
...Discussions with the company continue.”...
...US President Joe Biden has come out against Nippon Steel’s proposed purchase of US Steel, saying it is “vital” for the “iconic American steel company” to remain “domestically owned and operated”....
...Joe Biden has declared his opposition to Nippon Steel’s proposed $14.9bn purchase of US Steel, saying it was “vital” for the American steel company to remain “domestically owned and operated”....
...In raising concerns over the deal Biden did not refer to national security, speaking only of the need to maintain “strong American steel companies powered by American steel workers”....
...Nippon offered $55 a share in cash for US Steel in December, months after the American company had rebuffed a lower offer from US-based Cleveland-Cliffs....
...On Thursday, President Joe Biden threw cold water on Nippon Steel’s pending $15bn acquisition for US Steel, once a national icon. He said US-steel should remain American....
...A person with knowledge of Nippon Steel’s thinking said the company does not plan to give up its bid for US Steel even if Biden publicly expresses opposition to the takeover....
...The company, he noted, already had a sizeable presence in the US. Nippon Steel was advised by Citigroup, while US Steel was advised by Goldman Sachs and Barclays....
...US President Joe Biden plans to express serious concern over Nippon Steel’s proposed purchase of US Steel, a move that could threaten the deal’s progress and anger Japan, one of Washington’s closest allies...
...Exhibit A: Nippon Steel’s $14.9bn takeover offer for US Steel....
...Activist investor Cevian Capital has taken a €1.2bn stake in UBS, and Nippon Steel has agreed to buy US Steel in a $14.9bn deal....
...US President Joe Biden is pushing for tariffs to triple on Chinese steel and aluminium, as he seeks to boost union support in the swing state of Pennsylvania....
...Large multinational companies are urging Joe Biden’s administration to keep politics out of any national security review of Nippon Steel’s purchase of US Steel after a bipartisan backlash to the deal in...
...Joe Biden is preparing to oppose Nippon Steel’s proposed $14.9bn purchase of US Steel, a move that is likely to upset one of Washington’s closest allies but delight key voters in the rustbelt....
...US steel unions have asked President Joe Biden to open a trade investigation into alleged Chinese unfair economic practices in the shipbuilding and maritime logistics sectors....
...Nippon’s acquisition of US Steel would benefit the economy broadly and the working class specifically. The company intends to inject much-needed technology and capital into US Steel....
...“[Cfius] can and should block the acquisition of US Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” wrote JD Vance of Ohio...
...Since Nippon Steel agreed to buy US Steel for $14.9bn in mid-December, the deal has faced a bipartisan backlash in Washington against the sale of a US manufacturing icon to a foreign entity....
...Joe Biden has thrown his support behind investigating Nippon Steel’s purchase of US Steel on national security grounds, despite Japan’s status as one of Washington’s closest allies....
...“It is important for us to get ahead of China’s new export surge and their continued pressure on prices that make it hard for American steel companies to compete,” said a senior US official, who added that...
...to protect its steel industry....
...“[Cfius] can and should block the acquisition of US Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” the senators wrote....
...US Steel shareholders will receive a takeover price more than double the company’s trading value prior to an auction launched this summer. However, closing the deal may prove tricky....
...A €200mn impairment in its steel business, as a result of high interest rates hitting capital costs, prompted the company to abandon its previous forecast of a full-year net income “in the low to mid three-digit...
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