Tag: $US Steel Corp

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.

Japan’s Nippon Steel  said on Monday it would buy U.S. Steel in a deal valued at $14.9 billion, helping it add significant capacity in a key market that is primed for a price hike.

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.