Biden Expresses Concern Over Nippon Steel's Deal for U.S. Steel
Biden's Concerns Over Nippon Steel
U.S. President Joe Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, pushing the U.S. company's stock nearly 13% lower on bets the deal could face greater political opposition.
Impact on Summit
The issue could overshadow an upcoming summit between Biden and Japanese Prime Minister Fumio Kishida, impacting the long-standing security alliance between the countries in the face of growing Chinese strength.
Deal Details
In December, Nippon Steel clinched a deal with the 122-year-old iconic U.S. steelmaker for a hefty premium, betting on benefits from spending and tax incentives in Biden's infrastructure bill.
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