Nippon Steel Defends US Deal After Biden Comes Out Against Bid
- President’s pushback risks upsetting relations with a key ally
- US Steel plunges as investors bet that takeover is unlikely
Biden’s statement marks a rare presidential intervention in a transaction that outside an election year would have drawn less public scrutiny.
Photographer: Justin Merriman/BloombergThis article is for subscribers only.
Nippon Steel Corp. said it’s determined to complete its $14.1 billion acquisition of United States Steel Corp., even after President Joe Biden stated the company should stay in US hands.
In the wake of Biden’s comments, Japan’s largest steelmaker repeated its previous offer of an additional $1.4 billion in investment and a promise of no layoffs or plant closures, according to a statement on Friday.