US Steel closes sharply on report Biden set to block merger with Nippon Steel

Investing.comSep 5, 2024 5:56 AM

View all comments（0）



Investing.com -- US Steel plunged on Wednesday after the Washington Post reported, citing unnamed sources, that President Joe Biden is set to block the U.S. steel maker's $14.9B merger with Japan's Nippon Steel amid national security concerns.

United States Steel (NYSE:X) Corp (BVMF:USSX34) closed 17% lower on Wednesday.

A White House official declined to comment to the Washington Post's request for comment, but said in a statement that Committee on Foreign Investment in the United States had not yet transmitted its recommendation to the president.

Nippon Steel argued that the merger, which would create the third-largest steel company in the world, would help the U.S. steel maker better compete with its Chinese rivals.

Nippon Steel had attempted to smooth over concerns about its takeover of United States Steel, saying on Wednesday that it keep the U.S. company headquartered in Pittsburgh, Pennsylvania, and pledged to board of directors made of mainly of U.S. citizens.

Reviewed byTony

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Bloom Energy (BE) Stock Forecast: $25B Brookfield Deal, July 28 Earnings

TradingKey - Two short sellers hit Bloom Energy last week — Hunterbrook alleged Chinese scandium supply reliance, Crossroads Capital added a second short. Bloom refuted both. At $257 in a triple bottom, July 28 earnings is the resolution. Here’s the setup for the week ahead.

Alibaba (BABA) Stock Forecast July 2026: Four Catalysts Drove 12% in Two Days; Is the $160 Target Achievable?

TradingKey - Alibaba gained 12% in two days after a $600M DOJ settlement, a Pentagon rule reprieve, reports of limited Nvidia H200 access, and 45% cloud growth expectations. At $111 with Q1 earnings August 28, here’s what the week ahead holds.

Tesla (TSLA) Stock Forecast: 480K Deliveries Known, July 22 Earnings Is About Margins and Cybercab

TradingKey - Tesla’s 480K Q2 deliveries are already priced in. July 22 earnings are about automotive gross margin, Cybercab launch timeline, and whether $25B capex is compressing or expanding future free cash flow. TSLA at $406.

SpaceX (SPCX) Stock Forecast: Grok 4.5 Launched, Blue Origin Raised $10B — What’s Holding $152?

TradingKey - SpaceXAI launched Grok 4.5 on July 8 with large Nvidia chip orders. Blue Origin raised $10B at $130B valuation. ARK bought 182K shares. JPMorgan called a Tesla-SpaceX merger ‘strategically coherent.’ SPCX at $152.

IREN Stock Forecast: Meta Is Now a Compute Competitor; $42 in a Descending Channel

TradingKey - IREN fell 40% from its high after Meta signaled it would resell excess compute capacity and Bernstein said it is ‘behind’ in enterprise. At $42 in a short setup, the 13-analyst target is $76. Here’s the tension.

Featured Tools