Biden to Block Nippon Steel’s Proposed Takeover of US Steel
- US Steel vows to ‘pursue all possible options under the law’
- Shares of US Steel fell as much as 24% after reports of plan
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US President Joe Biden is preparing to block Nippon Steel Corp.’s $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter.
But US Steel, responding on Wednesday evening, vowed to “pursue all possible options under the law to ensure” that the sale is completed.