US Steel Asks for Nippon Deal To Be Approved With President Biden Set to Decide | Global News Avenue

U.S. Steel Stocks (XThe company fell in premarket trading as U.S. regulators failed to agree on whether to allow Japanese firm Nippon Steel to buy the company for $14.9 billion, instead leaving it to President Joe Biden to decide.

The president now has 15 days to make a decision. Both he and President-elect Donald Trump express objection Believes that major U.S. steelmakers should not be owned by foreign entities.

U.S. Steel responds to U.S. Steel decision Committee on Foreign Investment in the United States (CFIUS)It said the agreement “enhances U.S. national and economic security through investments in manufacturing and innovation.” The company added that the deal with Nippon Steel is “by far the best way to ensure that U.S. Steel, including its employees, communities and customers, thrive in the future.”

The Japanese company has pledged to invest more than $2.7 billion in U.S. steel facilities, CEO David Burritt said warn The closure of the plant and the possibility of relocating the company’s headquarters from Pittsburgh, where it has been since 1901, if the government blocks the sale.

This year, U.S. Steel’s stock price has fluctuated on news of its acquisition of Japan Steel. On Friday, the index fell to its lowest level since September warn Lower steel prices and costs associated with building a new plant in Arkansas will impact current quarter results. The shares have lost more than a third of their value this year.