President Trump said on Friday that Nippon Steel was planning to make a major investment in U.S. Steel after the Biden administration moved to block the Japanese company’s $14 billion takeover bid last month on the basis that it was a threat to national security. Such an investment, if it moves forward, could be a…
After the United States blocked Nippon Steel’s bid for U.S. Steel, the Pittsburgh company is facing new pressure from an activist investor who is seeking to oust U.S. Steel’s leadership and thwart the companies’ efforts to revive the deal. The activist investor, Ancora, said in an open letter to U.S. Steel’s board on Monday that…
A possible new takeover bid for U.S. Steel emerged on Monday, teeing up more turmoil over the once-dominant company’s future after President Biden’s decision to block its acquisition by a Japanese company. Lourenco Goncalves, the chief executive of an American competitor, Cleveland-Cliffs, said his company had “an All-American solution to save the United States Steel…
U.S. Steel and Japan’s Nippon Steel sued the United States government on Monday in a last-ditch attempt to revive their attempted merger after President Biden blocked it last week on the basis that the transaction posed a threat to national security. The lawsuit, filed in a federal court in Washington, accused Mr. Biden and other…
As signs emerged that President Biden was gearing up to stop the Japanese steel maker Nippon Steel from acquiring Pittsburgh-based U.S. Steel, top Japanese officials repeatedly warned that quashing the merger would hinder economic ties between the allies. Japan’s biggest business lobby, Keidanren, said in September that America’s investability would be tarnished if Nippon Steel’s…
The end of a troubled takeover bid President Biden is set to officially block Nippon Steel’s $14 billion takeover of U.S. Steel as soon as Friday, most likely putting an end to an industrial megadeal that ran up against widespread political opposition. But the decision could set off a cascade of consequences, including whether it…