Tag: Steel

Nippon Steel is poised to expand its operations in the U.S. and India as it hunts for growth and protection from cheap Chinese exports after its bid for U.S. Steel was blocked by the White House, analysts say.

The lawsuits challenge President Joe Biden’s final significant act of his tenure, calling his decision to block the buyout of the American steel maker by Nippon Steel an “unlawful political influence.

U.S. President Joe Biden is poised to officially block Nippon Steel’s proposed $14.9-billion purchase of U.S. Steel a person familiar with the matter said on Friday, dealing a probably fatal blow to the contentious merger plan.

Nippon Steel’s $15 billion bid for U.S. Steel has been referred to U.S. President Joe Biden, a White House spokesman said, giving the president 15 days to decide on a tie up he has previously said he opposes.

Shares of United States Steel fell early Tuesday after President-elect Donald Trump reiterated his opposition to a U.S. Steel buyout by Japanese steel maker Nippon Steel.

Cleveland-Cliffs Inc. reported disappointing third-quarter results on Monday, with earnings and revenue falling short of analyst expectations, sending shares down 4% in early trading

Shares of United States Steel Corp. (X) rose in after-hours trading after Cleveland-Cliffs Inc.’s top executive said he’s still in the market for his rival’s assets.

Politicians don’t want Nippon Steel to purchase United States Steel. The problem for U.S. Steel employees and shareholders is that the company needs the money Nippon would bring.

U.S. Steel would close mills and likely move its headquarters out of Pittsburgh if the $14.9 billion buyout by Nippon Steel collapses, the Wall Street Journal reported on Wednesday citing an interview with the company’s CEO.

Vice President Kamala Harris used a joint campaign appearance with President Joe Biden in the critical swing state of Pennsylvania on Monday to say that U.S. Steel should remain domestically owned — concurring with the White House’s monthslong opposition to the company’s planned sale to Japan’s Nippon Steel.

Nippon Steel’s proposed acquisition of U.S. Steel risks raising decarbonisation costs for Japan’s top steelmaker, an activist shareholder group said, urging the company to address the takeover’s impact on its climate goals.

Shares of United States Steel  were rising, a little, in early trading Monday after the new president of Nippon Steel reiterated his company’s plan to buy the iconic American steelmaker.

U.S. Steel (X.N), opens new tab, whose deal to be bought by Japan’s Nippon Steel (5401.T), opens new tab has run into political resistance, including from President Joe Biden, forecast first-quarter earnings below estimates on Monday due to lower demand in its tubular business.

President Joe Biden on Thursday said he believes it’s “vital” that US Steel remain American owned and operated, dealing a blow to the iconic company’s planned sale to Japan’s Nippon Steel.

Shares of American manufacturing icon United States Steel dove Wednesday as fresh worries about its deal with Nippon emerged.

United States Steel said Sunday that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs
and was reviewing “strategic alternatives” after receiving several unsolicited offers.

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