Nippon Steel Slides After Biden Blocks US Steel Takeover
- The companies have said they intend to challenge the order
- The Japanese firm now forced to search for new growth targets
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Shares in Nippon Steel Corp. dipped on Monday, the first day of trading since US President Joe Biden blocked the Japanese company’s planned $14.1 billion takeover of United States Steel Corp.
Biden had already expressed his opposition to the deal, but he announced his decision formally on Friday, days after the case was referred to him by a US security review panel. In a written statement, he said the takeover would have placed a major steel producer under foreign control, creating a risk to critical supply chains.